Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

With Oil At $20, Texas Tells OPEC: “You Don’t Cut, We’ll Cut”

By Investing.com (Barani Krishnan/Investing.com)CommoditiesMar 31, 2020 04:07AM ET
www.investing.com/analysis/with-oil-at-20-texas-tells-opec-you-dont-cut-well-cut-200520054
With Oil At $20, Texas Tells OPEC: “You Don’t Cut, We’ll Cut”
By Investing.com (Barani Krishnan/Investing.com)   |  Mar 31, 2020 04:07AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

COVID-19 has changed almost every way the world works. Governments are paying people to stay at home. Landlords are telling tenants to use rent money to settle other bills first. And Texas is telling oil titan Saudi Arabia: “Never mind if you aren't cutting your production, we’ll cut for you.”

After 40 years of demanding that the Saudis and the Organization of the Petroleum Exporting Countries keep their spigots fully open at all times and pump as much crude as possible, the United States is begging Riyadh and OPEC to do the opposite. If not, it’s willing to shut its own oilfields. 

Leading the American initiative on this is none other than Texas, the U.S. state with the largest amount of hydrocarbons output and reserves.

Pioneer Natural Resources (NYSE:PXD) and Parsley Energy (NYSE:PE) — two of Texas’ leading crude producers — are asking regulators in the Lone Star State for an emergency meeting to consider curbs on output as a cratering oil market threatens to bury much of the industry.

WTI Weekly Price Chart
WTI Weekly Price Chart

A five-page letter, signed by the chief executives of both companies and shared with Bloomberg News, said the firms sought a virtual meeting no later than April 13 with the three-member Texas Railroad Commission. Ryan Sitton, one of TRC’s commissioners, said on Monday the regulating body would discuss oil output curbs at its next meeting.

TRC and Sitton have been in the news lately since the Wall Street Journal first reported that Texas was planning to set oil quotas for its producers. If so, it would be the state's first curb on its drillers since the 1970s, when overproduction by Texas then set off the infamous Arab oil embargo.

A Journal story from March 19 said several oil industry executives in Texas had approached the TRC to intervene in the current market. Texas, after all, was the original inspiration for OPEC’s model of influencing global oil prices through production controls.

Catalyst For Curbs?

But even before the Journal report, there had been a stir since February over a Bloomberg story about a natural gas flaring report prepared by Sitton that could become a catalyst for the commission to place curbs on the industry.

Gas is a byproduct of crude production and its flaring has become one of the worst side effects of the shale boom in Texas. 

As Bloomberg noted in its own February interview with Sitton, vast amounts of gas from oil wells in the Permian Basin were being burnt off for lack of pipelines to ship it away. While pressure mounts to curb the practice, a supply glut, depressed U.S. gas prices and the distance from key markets for the heating fuel means the byproduct of crude production has little value for explorers in the state.

Sitton went a step further on March 20, holding a phone conservation with OPEC Secretary-General Mohammed Barkindo and tweeting jubilantly afterward that he had been invited to the cartel’s next meeting in June. “We all agree an international deal must get done to ensure economic stability as we recover from COVID-19,” he added.

Three Strikes

All that was in the background. Now, the present: the original request for TRC intervention was the first strike in Texas’ plans to cut. Sitton’s call to Barkindo was the second. The joint letter by Pioneer and Parsley to the TRC and the upcoming meeting of the regulating body to formally discuss the matter will be the third.

Yet, there are doubts on whether Texas is up to the task of becoming the next OPEC.

The same afternoon that Sitton excitedly tweeted about his call with Barkindo and going to Vienna in June — COVID-permitting — for the cartel’s meeting, TRC Chairman Wayne Christian poured cold water on plans for the commission to play police for oil quotas. He said in a statement:

“While I am open to any and all ideas to protect the Texas Miracle, as a free-market conservative I have a number of reservations about this approach." 

“First, Texas does not operate in a vacuum,” he said. “If we prorate our oil, there is no guarantee other nations, or even states will follow suit. From a practical standpoint, the Railroad Commission has not prorated oil in over forty years; we do not have staff at the agency with experience in this process and our IT capabilities to handle this process are limited at best."

Just like Christian, not all share the enthusiasm that Pioneer, Parsley and Sitton have for cuts. Industry group American Petroleum Institute has criticized the plan while Mike Wirth, CEO of oil major Chevron (NYSE:CVX), has flatly refused to cooperate: “U.S. companies cannot coordinate on oil output cuts,” Wirth said.

But what choice do U.S. producers have? With West Texas Intermediate crude hitting an 18-year low of $19.27 on Monday, the demand destruction from COVID-19 and the production-and-price-war between Saudi Arabia and Russia are combining into a perfect storm for U.S. oil producers.

Goldman Sachs estimates that crude demand for this week itself will be 26 million barrels per day, or 25%, below norm. 

From NOPEC to “Yes, OPEC!”

Just over a year ago, the U.S. Congress was toying with two bills that would have made any sort of production fixing in oil — including the one being planned now by Pioneer, Parsley and Sitton — illegal. 

The No Oil Producing and Exporting Cartels Act (NOPEC) was drafted for suing OPEC for its activities, while the Defending American Security From Kremlin Aggression Act (DASKA) was meant to deter the Russians from similar action. Both bills were drafted at the height of the 2018 market gyrations when President Donald Trump was eager to keep U.S. pump prices down ahead of midterm elections that November. 

But now, analysts say, if WTI doesn’t get to $40 by the year-end — and many don’t think it will — some 30% or more of U.S. drillers could go belly up, regardless of cuts in capital expenditure, exploration or outright production.

The only redemption for drillers from Texas to North Dakota might come from a retreat in Saudi production. As of now, the Kingdom seems set on growing its output by a whopping 30% over the coming weeks to reach a record 12.3 million barrels per day by end-April. It has also rejected overtures by the Trump  administration to try and change its mind.

In fact, anyone who understands the Saudi-Russian tussle for market share will know that both are out to decimate U.S. drillers, who gained 4 million barrels per day in crude volumes over the past three years to become the No. 1 world producer cranking out 13 million barrels per day. 

In that same time, Riyadh was diligently enforcing cuts to its production under the OPEC+ initiative while the Kremlin largely played hooky with the Saudis under that pact. Now the gloves have come off, and nothing metaphorically short of a boxing victory — with U.S. drillers on the mat and the Saudis standing, gloating, over them with arms outstretched — might do.

All Are Hurting

This doesn’t mean that the Saudis and Russians aren’t hurting from the apocalyptic moment in oil now, and their actions that have contributed to it. Riyadh, which needs oil at $80 for its budget, is looking to slash capital expenditure at state-owned oil giant Saudi Aramco (SE:2222) by as much as 25% from 2019’s $32.8 billion. 

Moscow’s own oil giant Rosneft (MCX:ROSN) is, meanwhile, selling some assets at home to shore up its finances. Russia is also expected to suffer from a collapse in demand for its Urals, a heavy crude composition of oil produced in Ural, Western Siberia and Povolzhye that is more costly to produce gasoline from than from the lighter Brent.

Brent Futures Weekly Price Chart
Brent Futures Weekly Price Chart

Such pain could, ultimately, force the two giants to yield to common sense and go back to cutting some production at least.

“There will be no clear winners. For now, it’s everyone on its own, and supply reductions will happen through prices," said Olivier Jakob of Swiss oil risk consultancy Petromatrix.

Energy Intelligence, a New York-based consultancy, agrees, saying “oil fundamentals, destabilized financial markets and the prospect of a deep recession are pushing participants toward an inevitable return to market management.”

So, an OPEC 2.0 in Houston? That will be interesting.

With Oil At $20, Texas Tells OPEC: “You Don’t Cut, We’ll Cut”
 

Related Articles

Anna Coulling
Bullish Momentum For Oil Continues By Anna Coulling - Oct 18, 2021

As expected, oil has continued its longer-term bullish sentiment and is now moving firmly towards the $85-per-barrel price target, which I highlighted some time ago as the initial...

With Oil At $20, Texas Tells OPEC: “You Don’t Cut, We’ll Cut”

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (22)
jemin An
jemin An Apr 03, 2020 11:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Russia and Saudi are suffering, but US shale is desperately want price up. They want repositioning oil industry, and it's once in a decade chance for them. They have preparing this price war. I don't believe they can step by. The no1 oil importer Chinese economy is rebound strongly now. I guess OPEC+ can not make any conclusion in Monday, even if Texas cut their production. That is exactly that they want to get from price war.
TeaMaker Tex
TeaMaker Tex Apr 01, 2020 12:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The trade is controlling the futures market. Spot oil has been moving all over with some going negative. Futures will just depend when the trade is ready to move it.
Privacy Please
WTIHedge Mar 31, 2020 10:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The idea sounds like price fixing/collusion no matter how you spin it.
Barani Krishnan
Barani Krishnan Mar 31, 2020 10:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is to an extent.
Alec Bean
Alec Bean Mar 31, 2020 10:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So what if it's price fixing.  Find me a law prohibiting the U.S. government or states from price fixing.   Case in point, TRC used to do it!   If we were to shackle the government's ability in this area, there will be no shortage of lawsuits because any business related regulation affects the cost and ultimately impacts the price!!! I believe price fixing is illegal only applicable to *CIVILIAN* companies operating in the U.S.
Alec Bean
Alec Bean Mar 31, 2020 10:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Neither the TRC nor the U.S. government are for-profit entities.
Green Greta
GreenGreta Mar 31, 2020 5:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Amazing writer up Barani! It is very bleak currently. I am belly up and the big crash in oil, yet continued pumping has secured NG as being incapable of recovery in the time I need. Very unforturnate. I am not the only one who has lost everything. .. . …
Barani Krishnan
Barani Krishnan Mar 31, 2020 5:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks so much for the kind words, Greta. Hang in there. Hope things get better for you.
Khalid Gauze
Khalid Gauze Mar 31, 2020 5:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Are you the girl in the picture?
Steve Marino
Steve Marino Mar 31, 2020 5:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I lost quite a bit in that last spat myself. I was long on GUSH; three times leveraged LONG OIL ETF. It crashed ans reverse split. I got out but only with 1/8th of what i put in.
Kostas Tsolis
Kostas Tsolis Mar 31, 2020 2:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump's policy leads nowhere. As long as this guy is in charge I don't see a clear future... To tell you the truth this could give many other opportunities and change of mind/market/everything.. Looking fwd for your next view.
Barani Krishnan
Barani Krishnan Mar 31, 2020 2:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I have to agree with you.
Iam Iam
Iam Iam Mar 31, 2020 2:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why don't you become the president instead
Notvery Goodathis
Peteymcletey Mar 31, 2020 2:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I took everything in here as buy natural gas.
Malaki Philippines
BuyDipsSellTips Mar 31, 2020 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Away with the Saudis we don't need them.
kaisar imam
kaisar imam Mar 31, 2020 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you need saudi money and without that west can not survive, obviously saudis are different and money is different
Muhammad Yaqoob
Muhammad Yaqoob Mar 31, 2020 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
soudi,s have free wealth....they don't mind..whatever market loose...
Jose Emenis
Jose Emenis Mar 31, 2020 12:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump will give a $2-$3 trillion bailout to the oil companies in the name of "National Security".
Jo Joe
Jo Joe Mar 31, 2020 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Saudis prince is betting short? Corona cases are getting less. Short invester keep going?
Barani Krishnan
Barani Krishnan Mar 31, 2020 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think you need to look at the US statistics.
Jo Joe
Jo Joe Mar 31, 2020 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I mean daily cases of globe. 28th 66k was peak so far. I think that could be peak. NY also almost peak and lockdown will prevent worse.
kaisar imam
kaisar imam Mar 31, 2020 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US companies are saving their loss not doing good for anyone
Barani Krishnan
Barani Krishnan Mar 31, 2020 10:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The jury is still out on that
Giuseppe Vitali
Giuseppe Vitali Mar 31, 2020 9:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Corona is nearly over.
Barani Krishnan
Barani Krishnan Mar 31, 2020 9:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Just look at the US numbers.
Olabode Afolayan
Olabode Afolayan Mar 31, 2020 9:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
everyone needs to cut. it's not about OPEC or Texas
Barani Krishnan
Barani Krishnan Mar 31, 2020 9:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
True.
Titus Polichnia
Titus Polichnia Mar 31, 2020 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Too late. Electric cars are gaining momentum. Everyone wants Tesla gains in their stocks.
Юрий Шабалин
Юрий Шабалин Mar 31, 2020 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tesla will make any difference when it will be able to sell their cars fir $10,000 in current prices. This will not happen in this century.
Barani Krishnan
Barani Krishnan Mar 31, 2020 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, economies of scale aren't there yet for EVs. They are still being built as elitist cars. Sell one for $17k and you'll see the market turn. Of course, you need corresponding production as well. That's why economies of scale is important.
Green Greta
GreenGreta Mar 31, 2020 9:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Barani Krishnan Living in Canada with vast distances and regular -30 degrees in winter, an electric is incapable of making the daily distance as range is cut in half, hardly any public chargers on the prairies, and 50k is the cheapest new electric. I'll stick to my dinosaur burning vehicle used for 10k as that is all i'll be driving for the next decade.
pete saneaki
pete saneaki Mar 31, 2020 9:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
When the going gets tough,  the weak cave-in
Barani Krishnan
Barani Krishnan Mar 31, 2020 9:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, it appears so.
peter king
peter king Mar 31, 2020 8:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
help me with gold and GBP/USD trade
Barani Krishnan
Barani Krishnan Mar 31, 2020 8:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
In another article.
peter king
peter king Mar 31, 2020 8:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Saad Alqahtani
Saad Alqahtani Mar 31, 2020 8:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"we’ll cut for you.” Saudi goal isnt Texas oil. Saudi goal is Russian market Share.
Zakir Bhatti
Zakir Bhatti Mar 31, 2020 8:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what do you think russia and us will made any deal on oil
Barani Krishnan
Barani Krishnan Mar 31, 2020 8:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ultimately, all have to cut. Covid-19 is the boss in this situation :)
Dennis Mix
Dennis Mix Mar 31, 2020 8:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How about another oil embargo???
Barani Krishnan
Barani Krishnan Mar 31, 2020 8:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don't think the Saudis can afford one.
Ji Go
Ji Go Mar 31, 2020 7:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Mr. Krishnan: what do you make of the Trump/Putin call and Russia capitulating and calling for the original supply cut last Friday?I agree that there needs to be oligopolistic price fixing, but in my mind there needs to be a USMCA agreement based US shale, Alberta sands, and Pemex group with $XOM and $CVX the heads. Eventually, they’d pull in Brazil and Venezuela (which my tinfoil hat tells me the latest sanctions easing overture is really about: well that, and those distressed assets Rosneft threw in Putin’s lap) as Congress would never let an outright US/OPEC alliance to happen.Dying to hear what you think. As always, great article, and be safe and well brother.
Barani Krishnan
Barani Krishnan Mar 31, 2020 7:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ji Go, my brother, back to you in a while.
Barani Krishnan
Barani Krishnan Mar 31, 2020 7:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ji Go, I think the clincher is this sentence run by Bloomberg: The leaders (Putin, Trump) agreed that their energy ministers should begin consultations on the oil market, but Peskov (the Kremlin spokesman) wouldn’t say when those contacts might begin. My take: it WON'T begin. Not until Trump cancels all sanctions on Rosneft and Russia. You must be absolutely insane to call Putin and suggest that he help you out when you have temerity to maintain sanctions on Russia's most important E&P. Venezuela is a lost cause. If 2 years of sanctions don't ****the Maduro regime, the effects of Covid will. And totally agree with you that Trump needs to get Trudeau and Obrador in his corner -- and possibly Brazil too (Guaido will only be too happy to join) in order strike a more represented deal. And then, of course, you have Congress (and the Dems and Pelosi :) ) yet to give their 2 cents on this. Very interesting times ahead, my brother. And please, stay safe too. God bless.
Ji Go
Ji Go Mar 31, 2020 7:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Barani Krishnan You truly always have the best insights. Thanks for the well wishes and looking forward to your next article!
ilikeshorter spi
ilikeshorter spi Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The next move is to use different currency as petrodollar
Show previous replies (1)
petter wotsan
petter wotsan Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
use BTC
anand sinivasan
anand sinivasan Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ya..ya!!
AIM Investor Journal
AIM_IJ Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can you imagine for a second if they started settling in gold (paper settlement or physical)...
Barani Krishnan
Barani Krishnan Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All very interesting debate points here :)
Green Greta
GreenGreta Mar 31, 2020 7:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
petter wotsan lol bitcoin, imaginary money backed by nothing. We'd be better off going back to the gold backed currency
Chris Garrett
Chris Garrett Mar 31, 2020 6:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I work manufacturing of drilling equipment in San Antonio. Best solution is to form a USA oil United (USSOU) and tariff the ******out of imports. Somehow I'm an essential worker in this COVID crisis with oil at $20. I'd rather be home with family and trading stocks
Barani Krishnan
Barani Krishnan Mar 31, 2020 6:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chris, in writing this piece, I spoke to the head of oil trading at one brokerage and he told me: "How can the US claim to be on the way to achieving energy independence when it still importing 6-7 mln bpd of crude each week?
Jan Skilbrei
Jan Skilbrei Mar 31, 2020 5:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks for a very interesting article. also: USA is a bit hypocratic: when it wants suits 'them', it will enforce laws upon those who need oil prices 'ok' to keep a certain standard of living, but when 'It' who not deepend on oil for growth and its lifestyle, all previous thinking soon forgotten. This is the type of arrogance, which some other countries see and look down on USA for). Certain individuals need open their eyes, for other peoples needs. These greedy companies, who is terrible climate actors, were very happy to exploit other's sacryfices, while now 'crying' for measures they looked down on! pretty pathetic, if you ask me : )
Barani Krishnan
Barani Krishnan Mar 31, 2020 5:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Totally agree, Jan. It's also the American way or the highway. :)
Henry Rene
Henry Rene Mar 31, 2020 4:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lot of stuffs happening now.
Barani Krishnan
Barani Krishnan Mar 31, 2020 4:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yup, Henry. Buckel up, the ride isn't over! :)
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email