it seems $20 is ok for now, but if everyone keeps on pumping while demand is still weak;
then $20 won't be the low. presently the excess oil is going into oil tanks and ships to
be stored. once they get filled up, the price will plummet more/
they will stop pumping the oil if there is nowhere to put it, it has to be that way. once you fill up the tanker ships and land storage, there is nowhere else to put it
if gas was on sale for 29 cents a gallon, your car might hold 18 gallons, you can't realistically buy an extra 1,000 gallons, or about 3 tons worth, unless you happen to have a spare tanker truck laying around
production must cease at that point, therefore $20 ish oil is what I call the bottom
you can't put 30 lbs of stuff in a 5 lb bag....