Mar. 13 at 8:18 PM
$USO $CHRD $DVN $CVX $FANG
The glut was indeed always a myth. It's terrible shame for my OASPW and WLLBW warrants that it wasn't shattered a year or 2 ago.
"The continuing war around Iran and the unexpected closure of the Strait of Hormuz, which blocked traffic, made clear with a big bang what may be the most important misconception in modern energy analysis. Let's challenge it all by stating the oil glut has never existed. The main misconception was not to include geopolitics and hardcore power politics. Most analysts and oil traders did not see that there was only a fragile balance that was out in the open, sustained by geopolitically risky supply chains and extremely thin spare capacity."
https://oilprice.com/Energy/Crude-Oil/The-Myth-of-the-Oil-Glut-Is-Dead.html
