JPMorgan's Top Commodity Analyst Shocked: "Prices Are Falling But Nothing Has Improved"

Physical oil prices, that is the prompt barrels rather than June paper futures, have fallen sharply from $144 on April 7 to below $100 by the close of Friday, although they have since bounced in the past few hours as it became clear that Friday's rally was due to a barrage of Trump soundbites that were completely disconnected from reality (as Iran's parliament speaker mocked on Sunday).