What happened to $75 oil

[Auson + 123]

As the title suggests what happened to $75 (Brent) Oil.

Is oil currently trading below where it should be ? Is Shale profitable down here ? Has demand actually reduced yet ?

Have self driving EVs taken over the world ?

[Old-Ruffneck + 1,177]

1 hour ago, Auson said:

As the title suggests what happened to $75 (Brent) Oil.

Is oil currently trading below where it should be ? Is Shale profitable down here ? Has demand actually reduced yet ?

Have self driving EVs taken over the world ?

75$ Brent still could happen, though Shale is keeping a lid on prices at the moment. My guess is for a slight up-tick in pricing today when the EIA report confirms heavy draw-down.

Is oil trading below where it should be?, depends on ones perspective. Some say year on year prices are slightly lower but range bound. If you invest heavy on long term one could feel a pinch, the China deal supposedly has been the breaker. Demand is down except in few areas. We can blame Trump for the low prices hehehe. 

Them damned EV's slowly makin' inroads but the solar panels strapped to the roof-tops keep blowing off!!!!!!

[wrs + 893]

I am confident it will return before the end of the year.  The ROW isn't reporting record storage and the US is draining storage which should accelerate with the new pipelines being opened from the Permian to the GC this month.  That should cause Cushing to experience draw downs rather quickly which should reduce the amount of oil traded on the CME and NYMEX due to Cushing being the storage hub for the contracts.  Whenever Cushing falls below 40mmbbl we generally see a rise in oil prices.