Okay. For any other industry, for any other product sold and distributed worldwide, this news would mean a significant decline in prices. However, the oil and gas industry is allowed to ignore all tangible facts before them and "speculate" themselves to higher prices and therefore, higher profits. The normal rules of supply and demand do not matter.
Check the news today:
SUPPLY
Saudi Arabia announces it will increase production by 200,000 barrells per day.
DEMAND
Americans drove 4.5 billion miles fewer in April.
Significant amounts of supply is being added to a market with significantly less demand. Again, in any other industry and with any other product; according to basic economic principles, this would cause lower prices.
Don't hold your breath.
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