The Media Is Dead Wrong About Oil Supply And Demand | Seeking Alpha
This is an outstanding article about the true state of oil supply and demand. Contrary to what you may have heard, the demand for oil is not declining overall. It is rising in a healthy way. Therefore, the excess oil inventory is just temporary, and the stoppage in oil drilling will soon create shortfall in supply. This situation will create a massive spike in the price of oil, but it will take a while for the oil drillers to get back online. So, the bottom price for oil has probably already been made.
The author cited OPEC statistics to back up the fact that oil demand is not declining. Demand has also been increasing quarter over quarter. REX Energy (REXX) is one oil company I bought near the bottom. It is currently 50% up from the bottom price of January. I am doubling my position on Monday morning because REXX can still rise 100% or more from its current price.
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