ellen wald ellen is a global energy analyst she's written extensively about the global oil market that includes her book saudi inc owen joins me from jacksonville florida tonight welcome back to the day you know you wrote today in forbes that we may have been shocked by the negative price for oil yesterday but we should be very worried about what has happened to the price today why. oh yesterday was as the president said it was as i say a financial fluke is that what happened was that it seem counterintuitive it just meant that the storage prices were too high for sellers to sell oil for major livery for positive prices so it looked like oil has a value but that's not actually the case well does still have value 0 we're seeing today was a dramatic drop in the price of. brant which is the international benchmark for june delivery and so that really puts and calls into question the health and the future both of you know market but also oil demand the highest you're starting to hear that economies are planning to open now but the question is how much will that actually increase demand and given how much oil is be put into storage now will anyone want well for a few months and then that spills into july and that's what we could really see depressed oil prices continue like yeah i would hate to be a shill company in the u.s. right now i mean these companies they have frakt themselves deep into debt how in the world are they going to survive this. well what was interesting about this shell oil industry is that it is made up of so many different companies and every company has its own situation has its own contracts some companies have long term contracts some had one term contracts that are being canceled those companies are more likely to have to fold or go into even clear to or even to clarify plasty but other other companies have access to pipelines have atthis just storage there is still storage a bailable of it's just been spoken for so it really depends on the company and so there's and it's very difficult to say for sure how this situation well fed the industry as a whole but we can say that serves some companies we don't know which ones will be facing difficult situations there will be layoffs it will have to set and well as difficult as that is and that means there will be difficulties in the future getting to restart it and there will be bankruptcy closures ella do you see this this pandemic as a sea change in the energy market and we are we looking at a a world before corona that was all about oil after corona is all about sustainable but the transition time is looking like it's going to be totally chaotic. well i do think that there is still an appetite to transition to clean our energies and there's been a lot of talk about how great the atmosphere looks people not driving and that and planes not flying but the shoes of the matter is that people want to get back to work and they need to support their families this is watching ryan and a lot of that activity wires fossil fuel still so i think the question is really how long will the recovery take and what kind of shape will the recovery tape to see a pickup in demand and that could be a very lengthy process and in fact could still even to this drive towards more sustainable energy is so it really is a question more of the pace of recovery i think they have renewable energies taking her do you do you think in the do you think we'll ever see a time again when crude will be you know $100.00 a barrel. well the big question is i do think we'll see much higher fuel prices in the future particularly if more and more oil production is shut in what we're seeing now is a vast to have money that is not being spent on developing future resource and in your it every company has slashed half acts and so because we will still need crude oil in the future that means that only to come the companies or the countries that have invested in those resources and the future are going to have that available so there will be a supply crunch question is really when right ellen will joining us john from jacksonville florida to talk about this you know this volatile energy market at the moment as always we appreciate your insights thank you. as much of the world desperately wants to begin entering that post corona era we are being reminded painfully reminded that this pandemic will be our reality for some time to come that pain has a special sting tonight in bavaria germany today the government in bavaria made official what people have suspected and dreaded there will be no october fest this year the world's largest beer festival where $6000000.00 people sit together elbow an elbow wearing later hose and drinking beer and singing songs that festival unfortunately would be a playground for the coronavirus. no crowded party tents no giant mugs of beer. no packed out festival site fest has been canceled for the 1st time since world war 2 about $6000000.00 visitors flock to the world's biggest beer festival every year. but this year the famous be a tense will not