The worsening demand picture for oil and derivatives finally squashed the $40 WTI price last week. There were just too many negatives hitting at the same time for the market to look down the road to a time when supplies must fall from lack of new drilling. There were several principal drivers that caused WTI to lose its grip on the $40 level this week. First was a recent surge in corona virus infection rates globally which let us know that it’s not going to creep back into the slime from whence it came, and is going to be with us for a good while now. The one-year “over and done” narrative is officially dead. That has portents for oil demand next year that hadn’t had a lot of traction until this week, and the market took notice of this fact. Then news this week that there would be […]