Demand Destruction Has Arrived

Yesterday we made an observation showing that while oil prices have certainly surged (and nowhere more so than in Dubai where cash oil just hit a record for any oil contract $177 before retracing), oil products have surged far more:

Oil is bad. Products are worse pic.twitter.com/rxvlhDNFsv

— zerohedge (@zerohedge) March 19, 2026