JPMorgan Finds "Something Is Off" With The Global Oil Math

In a major disruption, the balancing sequence runs as follows: spare capacity is activated first; inventories are drawn next; refinery run cuts follow; and, finally, higher prices force demand lower. Yet this time something is off. Here is the math...


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Squeeze, Stretch… And Subtle Cracks

Markets are pushing higher, but the move is getting uneven. Semis are in panic, oil is still short barrels, and flows keep chasing. Crowded trades… thinner upside.