Perhaps the world is beginning to realize that “it’s the demand, stupid” as crude oil prices are collapsing this morning (not helped by “all out production” news from Oman). While ‘markets’ rallied peculiarly after last week’s epic surge in inventories and production data, that has all been given back as one trader noted “the market got ahead of itself, even though the rig count has been falling it is not until mid-year that we are going to see some impact on supply.” WTI is back around $49. To complete the gloom, Copper is probing lower, breaking key support with projections to 222.50 if this move takes shape.

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