Oil Market Will Be Forced Into State of Rebalance, Says Nasdaq’s Essner

The video discusses the current volatility in the oil market due to technical factors and lack of storage, leading to negative impacts on future contracts. It highlights the challenges faced by related industries and the potential for further supply-side destruction. The need for market-driven production cuts is emphasized to rebalance the market, considering the economic impacts of COVID-19 and the slow reopening of economies.

What challenges do producers face in shutting in wells?

What is the anticipated outcome for the oil market once the economy reopens after COVID?