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SCO - Saudi Crude Shipments Plunge: Understanding Why
ProShares UltraShort Bloomberg Crude Oil
Let us turn back the clock just a bit. The time is May 2020. It is a volatile time in the markets, but the financial media has lost its mind over the massive flotilla of very large crude carriers ("VLCCs") heading to American shores. Although well-telegraphed for months - the ships were charted in March - the move was viewed as an act of aggression by many, including some in the US Congress. For analysts and the market, the coming shipments were viewed as the proverbial cherry on top of the bear case for crude