“Only when the tide goes out do you discover who’s been swimming naked.” – Warren Buffet
Oil has gone out—well (no pun intended), the price has gone out—indeed into the negative. As a consequence, there is a scramble to sell futures, pay margin calls, rehedge, off-load storage liability and, if possible, stay in business. The oil price drop is causing problems to governments, banks, traders, tanker operators, and oil producers.
