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Storage Demand Skyrockets as Saudi/Russia Ramps Supply and Demand Destruction continues

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Two Questions:

#1 How long will it take to fill the spare storage capacity ?

#2 When capacity fills and serious competition starts how much lower does oil price go ?

Jim Burkhard, vice president and head of oil markets at IHS Markit, wrote in a note Monday, predicting an oil demand contraction of up to 10 million bpd for March and April. 

“Prior to this, the largest six-month global surplus this century was 360 million barrels. What is coming will be twice that or more.”


Edited by BLA

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