It's No Longer Oil: JPMorgan Explains Where To Find The Next Phase Of The Global Energy Shock

More than two months into the "largest oil supply disruption on record", analysts remain stumped by one question: "how should we interpret Brent averaging only about $100 in the two months since the war began." While there have been some speculation that the recent sharp drop in physical oil has to with a stealthy slowdown in China's economy, coupled with secret releases from its SPR and sales by its refiners suffering record negative margins as a result of domestic price controls (see "Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports" and "The Physical Oil Squeeze Eases for Now as Buyers Back Away")...