Oil Market Chaos Has Created The Greatest Trade In Decades

Oil Market Chaos Has Created The Greatest Trade In Decades

OilPrice.com

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Over the past week, I have taken my bullishness on tankers from level 10 to 11. It started with the Saudis busting out of the cartel formerly known as OPEC+ in order to dump oil and crush US shale, but it has progressed far beyond that as various US cities went into lock-down. Fair warning, I’m going to generalize, I’m going to round some numbers and if you’re an empirical purist, you’ll probably be offended. In big round numbers, the world produces 100 million barrels of oil per day (bbl/d) and consumes roughly the same.…

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