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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: elmatador who wrote (200837)4/10/2020 9:15:03 AM
From: teevee2 Recommendations

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E_K_S
isopatch

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OPEC meeting was kabuki theatre. All storage is near full. With copper or other metals, you can simply pile up ingots in a warehouse or yard. With oil, storage is needed (tankers, tank farms, salt caverns). All available storage is near full. If demand is off by as much as 30mm b/d. Full storage will force shut in production. Lack of storage will drive shut ins regardless of what OPEC may or may not decide. Where will the oil go if not shut in? Dumped in the ocean, dumped on land or rivers? I don't think so. Also, refineries are cutting back on production as their refined storage is near full. Crude and refined storage is near full. Each barrel of oil produces a similar amount of gasoline, diesel, jet fuel. Where do you put it when refinery storage full?
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