The coronavirus is a ‘black swan’ for oil and energy markets, says Ned Davis Research
The outbreak of the coronavirus is a “true black swan” for the oil and energy market, and as crude prices continue to move lower the worst may not be over yet, Ned David Research said in a note to clients Monday.
Analyst Warren Pies noted that the outbreak has reduced Chinese demand for oil by 2 million to 3 million barrels per day, which means “the oil market is looking down the barrel at no…