But it’s also not completely uncorrelated - the harder push to cut the production comes in part due to the current ongoing coronavirus “crysis” mode:
“The Saudi Arabia-led Organization of Petroleum Exporting Countries (OPEC) has reportedly been pressing Russia for weeks to agree to a dramatic cut in oil production to offset dented demand as coronavirus idles business activity in China and beyond.”
Source: https://www.aljazeera.com/ajimpact/russia-playing-fire-opec-talks-collapse-200306183909300.html
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But didn’t they increase production?
Yes, once they can’t agree on a cartel price and production limits, then it’s free for all and everybody wants to sell as much as possible. Competition strikes back.
Interesting thing is that Russia and Saudis might have economic hiccups once the price slide even lower, the fracking industry in US indeed may have issues, but some countries, like Iran or Venezuela, are completely and totally screwed with this.
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Lol, I’ve just realised I’ve lost 9k today. My total return from last 3 years went from +17k to -5k. Easy come, easy go. Time to buy more shares.
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Meanwhile the Polish stock market is back at the 1997 levels, nominally! Take inflation into account and I don’t know what to think about it. Poland in the 90s vs Poland today are two different Worlds, but somehow the stock market seems to think otherwise.
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That’s the spirit!
The market will grow, long-term. There are billions of people out there who go to work every day, companies that compete with each other, technologies are evolving and new products hit the market.
But it takes nerves of steel to hold the course, stay invested, and buy more when prices are low.
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I liquidated my TrueWealth account on the 26th, they only executed it on the 27th, lost 5k. Opened an account with IB, moved my money there and bought SPXU last Friday, made 5k today. The equivalent of the 2 year gains that TrueWealth gave me before the 5k loss. Nice 
But I’m actually just waiting for another 2-3 weeks to go all-in with VT…
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Can you rename this thread in Coronavirus (financial) support group?
I’m on the losing bandwagon, but to stay happy I just remind myself that I still have some UBS shares that I bought at 32chf and saw going up to 80ish
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That’s actually a problem and I hope many decide to work from home whenever possible. It’s deadly serious.
Yes they did - and that is what caused the turbulence - them not agreeing on the additional cuts suggested by OPEC; but going the other way as Russia and non-OPEC rejected, and then Saudi lowering their prices as a response…
That’s my understanding
Interesting, now it’s not only the problem of the demand (due to corona effect), but of supply as well.
#oilwar
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The culprit is corona, because lower demand has caused lower income for oil producing countries. Since these countries have different break-even price, some of them will be ok with a lower price, while other won’t. As a country you have running costs, and if the oil income is suddenly gone, then you will be tempted to increase production and sell at lower prices to increase income.
Another angle is fracking in the USA. USA has become the biggest producer of oil in the World, thanks to fracking, but the cost of fracking oil is high. If other countries maintain low oil prices for months, it could drive fracking companies out of business. The question is, will USA allow their fracking to go bankrupt, or will they rather start another war to save it?
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This thread has more replies than the Viac thread lol.
Anyone already thinking about UPRO? 
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Italy now locked completely. Futures for tomorrow in Europe: -10%. Holy cow.
@1000000CHF
This must be tough! Losing several months or even yeara of savings in a single day. Damn, I can’t imagine.
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Where do you see that? This is most likely today’s reading. Anything barely moved after the lockdown announcement.
Dax closed at 10’625 today, so current readout of 10’351 implies -2.5%
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You’re right, sorry. Misinterpreted it.
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Italy locking down is actually a positive thing, although it’s about a month overdue. Wont change a thing for the global outbreak I’m affraid.
Won’t change a thing because they won’t respect it as much as they should do.