Trading machines are raging mindlessly off every rumor and headline, but in the real world the trend is clear: supply is continuing to swamp demand worldwide week after week. Gary Shilling offers a detailed review of producers this month in “After OPEC” and points out that an estimated 87% of WTI storage at Cushing, Oklahoma is already full and projected to be 100% full by March 2016. What can no longer be stored, will flood onto the market needing a bid. At what price? is the question. Desperate sellers can’t be choosers.
Schork Report President Stephen Schork discusses oil prices and production.Here is a direct video link.