As tensions mount in the Caribbean and the Baltic as the US tries to maintain its policy of ‘energy dominance,’ DOUBLE DOWN asks Chris Cook to give us his insight into what is happening across the sector. Cook says that negative oil prices should never have been allowed to happen and that someone should have been sacked and that the exchange is entirely at fault. Regarding recent price volatility, he believes that the US has been able to peg the dollar against oil, similar to the Hong Kong dollar peg - but then along came COVID-19 and since then there has been no physical market only a forward market as physical oil could only be stored. The Chinese were the biggest buyers having over a billion barrels in storage and have capped the oil price at around $40. Tune into DOUBLE DOWN to hear more on what Chris Cook has to say about the wild stuff happening in the energy patch.
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