One of Asia's largest oil shippers has sought protection against liquidation from 23 of the world's biggest banks amid revelations of its founder's cover-up.
Monday's crash in May oil futures can be categorized as fake news, as what happened in crude isn't much different than what we've seen in other industries.
Beyond energy markets and the potential for ancillary fall-out, the S&P 500, and this may be more important from a technical viewpoint, failed to hold that 50 day SMA.
Let's check out the charts and indicators of this oil storage play.
Investors need to focus on the long-term prices of oil, as well as the near-term, to make their investment decisions.
We are still short-term overbought, but not yet intermediate-term overbought and breadth is a bit better -- it's time to look at the statistics.
The May oil futures contract is in free fall as the excessive supply of crude amid diminished demand threatens to create ongoing chaos for the market.
Let's review the charts and indicators.
You can put your capital out there and hope that other investors are willing to pay more for it later, or you can buy streams of cash flow and reinvest them. Guess which one I would do.
More basing needs to be done in the stock of the oil and natural gas producer before a turnaround is signaled.