FAST FIVE: As Of October 2018, The US Is Now Energy Independent
For starters, crude oil inventories in the US are starting to increase once again on the back of surging North American output and refinery turnarounds.
The reason: as of October, the US is now energy independent for the first time, which is a seismic change considering that just 10 years ago, America was spending 3% of GDP buying foreign energy in 2008, but its energy trade balance is now positive.
Currently, America runs the world's largest NGL exports, followed by Saudi and Qatar, thanks to surging ethane, propane and butane export volumes.
As a result of such an outcome, oil prices could crater as low as $20 once again, crippling shale producers, but also resulting in another emerging markets/petrodollar crisis.
More tweets such as this one: Hopefully, Saudi Arabia and OPEC will not be cutting oil production.