Tuesday, January 26, 2021

Tag: U.S. Gasoline & Jet Fuel Days Of Supply Explode To Record Highs As Demand Collapses

U.S. Gasoline & Jet Fuel Days Of Supply Explode To Record Highs As Demand Collapses

by Steve St. Angelo, SRSRocco Report:

Unfortunately, for the already vulnerable U.S. Energy Market, the worst is still yet to come.  As one energy analyst forecasted, we may see a negative $100 for oil a barrel of oil.  While this may sound totally insane, domestic oil producers still haven’t cut anywhere near the amount necessary.

As the U.S. Shale Oil Industry continues to pump more than 7+ million barrels per day (mbd) of oil, the availability of storage capacity dwindles considerably each passing day. And with the 50 million barrels of oil from Saudi Arabia heading to the United States, the energy situation will go from BAD to WORSE and then to ABSOLUTELY HORRIBLE.