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The oil canary and the collapse of crude prices

The shift in the supply and demand equation for oil calls for a shift in how we analyse the Nymex oil chart.

An oil tanker sailing out of the Port of Corpus Christi, Texas.

AROUND six weeks ago, the Texas port of Corpus Christi acted as a canary in a coal mine. This refers to a method used to warn miners of the build- up of dangerous gasses in the mine. The canary would die first, and so give the miners warning to evacuate. In this case, the Texas canary gave...