Rabobank: Perhaps We Can Store All The Oil In WeWork Offices [zero hedge]
SINGAPORE AIRLNS UNSP/ADR (SINGY)
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Source: zero hedge
Rabobank: Perhaps We Can Store All The Oil In WeWork Offices Submitted by Michael Every of Rabobank So much for the Monday on “pause” that I flagged might just happen. Instead, we got amazing action in the energy market. If the initial Saudi flood of oil into a demand collapse deserved the headline “Oil Vey” then yesterday’s development deserves the full “Oil Gevalt” and the question “WTI just happened?” Specifically, WTI for May delivery collapsed to MINUS USD37.63 a barrel . Yes, if you have been on holiday for a few months and just got back, not USD37.63 but MINUS USD37.63. Somebody was PAID USD37.63 to take away a barrel of oil. On one level this is an indication of fat fingers and of fat heads. It’s also as clear as sign as one will get that in the near term (as the June contract is USD20.43 – for now) there is simply too much oil and nowhere to put it . I don’t know if you have ever seen the classic Laurel and Hardy film “Bogus Bandits” (released in Europe as “The Devil’s Brothe
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