While oil prices were already sliding, headlines from the Saudis that there are no talks with Russia ongoing sent prices tumbling with WTI back to a $21 handle...

“There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets,” the Saudi Ministry of Energy said in a statement.

Not pretty...

The last three months have been quite a ride for crude...

Maybe The Bank of Canada and The Fed should start buying (and storing) oil?