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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (82980)	4/24/2020 2:41:20 PM
From: Goose94	Read Replies (1) of 203026

Crude Oil: stabilized by Friday after arguably the wildest week in the history of the oil market. But the slide is still far from over. After making a big deal out of not agreeing to the OPEC+ cuts, Mexico said it would shut down new wells because of low prices. “Now that oil has no value, we can shut down the valves,” Mexico’s president said. State-owned Pemex was downgraded to junk by both Moody’s and Fitch on Friday. Storage at the key oil hub of Cushing, Oklahoma technically has available storage, but it is just about all under contract for leasing, according to Reuters. That means that there is essentially nothing left for anybody else. Argentina plans on decreeing a $45-per-barrel price for its domestic producers in order to keep the industry alive.

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