Well, Look at the Time

Any guest at a cocktail party knows that it is rude to double dip, but this etiquette lesson must have been lost on the economy. The pervasive financial turmoil has been an unwelcome gate crasher in world markets for stocks and commodities, and is likely to put a damper on any near-term recovery of petroleum demand in the OECD economies. As freight rates are very strongly correlated with global petroleum demand, continued weakness from the world’s largest energy consumers is reasonable cause for alarm. In times like these, it may be helpful to look to the past for indication of how long we must endure this market’s insufferable company. Download here