I'm quite surprised Oil has fallen as quickly and deeply as it did. The benchmark for Alberta oil is generally seen as Western Canadian Select, but that data is hard to come by (the best I could do was find a 13 hour delayed price). WTI, or West Texas Intermediate, is a fairly good benchmark that can be used in its place.
On Friday, WTI traded at $41.28
It opened Monday at $32.12. It fell to $27.72 before recovering and stands at $30.84 as of the writing of this post.
It is quite likely that once the virus passes, that prices will return to normal, but this could take months after the crisis ends, and even then, the virus could continue to spread for many months.
I'll be keeping an eye on all of this and how the impacts from it play out.
Note that my long post on the Malaysian drama is nearing completion, and should be up tomorrow morning.
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