Oil prices rose slightly on Monday, but the oil markets are still in full-blown panic mode as the number of American states in complete lockdown grows, threatening demand for crude oil. WTI crude may be trading up 2.96% up on the day, but it’s still only $23.30 per barrel—well below the breakeven point for US shale and down more than 50% month over month. The Senate stimulus package that the United States was foolishly hoping would be done on Sunday still isn’t. This contributed to the price slide for oil, but the reality is, the United States is shutting down to slow the spread of COVID-19—and shutdowns mean less transportation, and less transportation means less demand for crude. The narrative in the United States has switched over the last two weeks from containing the virus—now a pipe dream—to slowing its spread to keep hospitals from being overwhelmed. To do […]