We just had layoffs at my office. I work for a major O&G company in the corporate office, FYI. I survived this round, but nobody is safe if there are more.
The most recent downward drop appears to be in response to the report of higher than anticipated inventories. I wonder if that is due in part to the strikes and the associated refineries running at minimal rates while oil stacks up in storage.
We could see a jump in prices after the strikes are over and refineries get back to full rate. For now, all we get is higher gas prices, due to the reduced refinery outputs.
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