Hundreds of US oil companies can go bankrupt

The American oil industry is in a state of delay today.
The coronavirus pandemic has lowered the demand for oil so fast that the world is running out of room to keep the barrels. At the same time, Russia and Saudi Arabia were flooding the world with excess supplies.
This double black swan has pushed oil prices to levels that US shale oil companies cannot afford. Gross US delivery for May was negative. It has never happened since 1983 when NYMEX started oil futures.
#Oiloa #CNN #Obseries.

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