How Low Can You Go?

Something - I think I can pretty safely say - no one ever thought would happen.

Crude prices were less than zero.  WTI (West Texas International) Crude futures were selling for -$36/barrel.

That's right.  Crude producers would have to pay customers to take oil off their hands.  How can that be?

Demand has dropped so much due to the double whammy of COVID-19 reduced travel and the ongoing Saudi/Russian oil price war that producer's storage tanks are all full and all the oil tankers are floating on the oceans, also full.

This is particularly devastating for the Canadian economy. And the Canadian government, which relies on oil for so much of its revenue.  Especially when it is spending money at record levels.  Sending money to just about every individual and every business in the country.

Yowza!

Okay, on to some equally depressing news!  Yesterday's COVID stats, first new cases.

Ouch.  More bad news.  Of course, Quebec (with almost 1,000 new cases) and Ontario (600) lead the way.  But poor old Alberta is now severely infected.

If having to pay people to take your products wasn't bad enough, there are large COVID outbreaks in three meat packing plants.   Almost 350 new cases in Alberta yesterday.

New COVID deaths in Canada....

Still tracking at recent levels.  And with local transmission in decline, a lot of these are continuing to tear through long term care and group homes.


Any good news?  Well, none of the Leafs, Raptors or Blue Jays lost yesterday.

Hey, you take what good news you can find.