How to Analyze Demand in the Oil Market

The price of oil very briefly went negative, I think in April of 2020 and remained below $40 for a month or two. You know, since then it went from $40 to $120 in a quite strong rally. The only real way of telling what demand is doing is by looking at refining margins. On the service side versus industrial side of China, as you know, they've made a huge move from sort of $100 per capture income in 1980 when Deng Xiaoping originally opened the economy to sort of let's call it $8,000 or 9,000 depending on how you count it.

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