The oil-bears continue their romp across the energy markets with various grades of crude reaching lows not seen in almost twenty years. There will come a point where I can sit down and pen the following words, “We’ve reached bottom, and this is as bad as it gets.” There is a ways to go before it will be possible to make that statement. We are writing off the notion of any recovery in the broad oil and gas market for the next couple of quarters, and probably the rest of 2020. The situation will likely get worse before it gets better, very rapidly. 2021…who knows… things might begin to improve. We will discuss the mechanics of a possible recovery early next year. The world is awash in cheap oil right now. Goldman Sachs is calling for a final demand decline in March (now) of ~10.5 mm bod , and […]