Nothing scares me more than seeing the price of oil explode like this.
The last time I saw this was 2008 before the 50% drop and bear market that followed.
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and that time had higher interest rates they could use as a tool to cut rates. We are already at 0
With all those barrels released from reserves globally shouldn’t the price be coming down?
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And I can't tell you how much I wish I had a trading account back then.
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To be fair after oil dropped from $147 to $30, within 9 months it was back over $80. Why? Strong physical fundamentals, same as today. This is not 2014.
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Oil was that high only for a couple of weeks in 2008. It was like the negative futures prices. Then it fell to low $30s but bounced back to $70s as the economy recovered and OPEC cut production. Then Shale guys got nuts. Hopefully they found religion.
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