Quote:
Originally Posted by Red
2008 was a short term shock caused mainly by "mood". What we have right now is over supply and lack of demand. We don't know how long this will last. Maybe $70 is the new norm for WTI? Maybe $50? We don't know. The market will sort it our over the next year or so. Very different from 2008.
|
There was a huge supply glut after the 2008 crash. Tankers were being used for storage more than they were for transport.