White House Adviser Kudlow says that the oil price crash will likely be temporary.
- Says there is no easy quick fix to help US oil producers given price slump.
- Kudlow says Trump administration is looking very carefully at the possibility of providing liability protection for businesses that reopen. Meanwhile, we had earlier news that in a statement, the Iraqi Oil Minister says that OPEC+ could take additional steps to absorb oil surplus. However, this has done little to lift the mood and risk-off price action continued on Tuesday with momentum in oil prices remains a drag on sentiment. The WTI June contracts dropped to $13/barrel following yesterday’s price action that led future prices to negative territory. Nick Note: Oil at these levels is one of the greatest trade opportunities you will see in 3 lifetimes. The oil price plunge is NOT NOT NOT NOT a oil event. It is a function of ETF’s doing the tango on the cotango. They got it wrong and got fucked. Since they represent incredible volume in the oil futures markets as they panicked oil was devastated. I have been here before and i got one recommendation. BUY THE SHIT OUT OF OIL. THIS WILL SOON PASS AND THE CARVERY IS IN ON THE WAY