US crude benchmark West Texas Intermediate (WTI) prices may have steadied somewhat after a wild couple of days, but the physical market for crude is still collapsing. Energy stocks posted sharp gains on Thursday as WTI prices “surged” nearly 30 percent to…$17 per barrel. The nascent rebound in oil prices has eased the immediate crisis, but before Monday, WTI in the teens would have been considered catastrophic; now it seems downright reasonable. Amazing what negative $37 WTI will do to perceptions. But the fact is that the global oil industry is still in dire straits. Refined products are grossly oversupplied and refiners are scrambl
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