The huge discrepancy between supply and demand fundamentals and the price of oil is on full display. Consider these two recent articles. One of which discusses how demand will stay low for a long time, while Saudi Arabia is increasing supply. The other talks about how speculators have pushed up the price of far-dated futures contracts. Which, by the way, means that index specualtors will continue to experience large negative headwinds due to “roll yield.”

The International Energy Agency next week will make a “substantial” downward revision to its long-term forecast for global oil demand, a person familiar with the matter said, marking the second year running the group has slashed its view of the world’s thirst for oil. . . .