Bottom line: at the end of the day, one can talk about gasoline demand until the cows come home, as they say. The bottom line is this: if we don't see a significant jump in gasoline demand (or, fossil fuel demand), Saudi Arabia is in deep trouble.
Where did WTI finish today? Up slightly. Trading at $61.55. For US shale, in the sweet spot. For Saudi Arabia, not good at all. Saudi Arabia will have to double its free cash flow year-over-year in 2021 to cover it's $75-billion annual dividend.
I can't find it now, it will show up later, but "everyone" is betting on more robust gasoline demand than ever before. Whoo-hoo! Ah, here it is. Link to Tsvetana Paraskova.
Cyril Widdershoven has a piece on the takeaway(s) from Saudi Aramco's 2020 earnings report. That report is tracked here. Let's see if Cyril agrees: that, at the end of the day, if we don't see a significant jump in gasoline demand (or, fossil fuel demand), Saudi Arabia is in deep trouble.
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