Saudi Arabia not pulling back From pledge to pump oil till all Shale producers are out of Business.No Seriously Saudi Arabia Pledged to pump oil at highs levels for the next few months ” (BBG) 18 year lows Crude omphh on A positive note U.S. oil Exports expanded for a fifth consecutive week.

below is a graph of Wti- Magellan East Houston diff, via BBG it has gone negative for first time ever? MGE oil is shale oil from Permian basin supplies building up.

Crude Oil -17%,down 63% YTD,gasoline -61% YTD Below graph High Yield Energy Companies Credit default swaps monthly chart

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