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Old 28 May 2020, 08:32 (Ref:3978859)   #44
DiMaestro
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Join Date: May 2020
United States
Posts: 13
DiMaestro should be qualifying in the top 10 on the grid
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Originally Posted by peebee2 View Post
No problem at all DiMaestro!

The Middle East was sold as futures months before.

The US storage was full due to lack of use during lockdown.

Hence the ships are coming with nowhere to put the stuff, which was going to cost the traders massive $$$.

Hence they would pay you to take it off their hands. The short-term negative price.

Thanks, as I said I'm rather parochial on oil.


How did that effect their income? I mean, if a country requires a certain percentage of income to operate efficiently - how did the lack of income effect them? I'd assume they have reserves for it, but do they have enough reserves to actually wait this out? I think it's going to be a lot longer than anyone believes to be honest. Bahrain is a wealthy country, but at what point does the devaluation of their wealth actually impact their citizens?
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