Paper Trades Make Oil Prices Look Better Than They Are In The Physical Market… [Chart Of The Day]

Torn by two extreme market forces (oil demand destruction from the lockdown and geopolitical supplier actions), US oil prices are being distorted and dislocated beyond recognition.

Here’s how the actual spot bids in the field are trending across various grades and basins (spoiler alert, it isn’t pretty and the lowest price we’ve seen so far is $3.50/bbl.

There’s a lot more to this story…

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