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Oil shock

The estimates are in and demand seems to have collapsed by nearly 40 million bbl per day.  No wonder the OPEC agreement to cut 20 mm bbl per day went nowhere (aside from the cheating), the demand has collapsed.  At one point today, Canadian [Edmonton] prices dipped in the negative territory (it was a short thing).

Overall the price curve is in contango (future oil prices are cheaper than spot) which is rare in the commodity world.

36 million bbl per day, and we are not talking natural gas...

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