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Oh dear. MBS and Vladimir, what have you done?

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MBS is not a man afraid of chopping off his nose to spite his face. Nor is Vladimir Vladimirovich. Was concerned on Friday when the expected agreement of OPEC+ failed to materialise. Was even more surprised when OPEC+ became OPEC--- and the oil market became a free for all, no holes barred race to the bottom of the price of a barrell. With lack of demand due to the unexpected Corona virus , the ever loving friendship group that was OPEC + started to fight over  remaining revenues. Russia needing the cash obviously refused to bend to MBS's will and here we are.  Naturally this does not bode well for Exonn or Total or any of the big 5 oil companies. Even Saudi's short lived gains in market share will be measured against the significant loss of revenue achieved by having a fire sale with 30% OFF.  It was cheap before friday but now it is bargain basement cheap. WTI, Brent and Gasoline represent bargains, but how much lower can they go? Either way it is carnage. Look to buy the Dow at 22k and oil and gasoline futures now for December expiry.  

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