Oil is a barometer of economic health. At least in times of the normally functioning, cyclical economy. Which is hardly an appropriate benchmark for any analysis of today’s environment. Aptly, this week saw spectacular fireworks coming from the energy markets. On Monday, one-month futures contracts for West Texas Intermediate (WTI) fell below zero, meaning that May delivery contracts were valuing oil at negative prices. Traders were willing to pay buyers to take crude off their hands. And not just some low grade crude, but prime benchmark WTI, the stuff that sets global energy prices and represents one of the least…

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