Oil is back in the spotlight today after the May WTI collapsed below zero overnight. It managed to trade just above water this morning but it is now back trading in the negative territory (CL1 $-4.77). Adding to the bad mix (and as predicted by our oil specs sales), June WTI (CL2) also plunged and is now trading at $14.47. We remain cautious in the sector and reiterate that the only way oil prices can recover is by addressing the oversupply issue in the short-term. SXEP remains the looser today (-5%) although not quite new relative lows.
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