Back in April 2020, oil prices went negative after the futures market underestimated just how much demand had collapsed, causing chaos as market participants scrambled to unload their oil. Here in April 2026, the oil futures market is in danger of something similar but in the opposite direction. Certain market participants just may be underestimating how much supply has collapsed. Worrying that might be the case, the Dallas Fed surveyed oil industry companies about what they’re seeing and where they think the Hormuz blockage is leading the energy marketplace. You’re not going to like it.
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Dallas Fed Energy Survey Q1 2026 update
https://www.dallasfed.org/research/surveys/des/2026/2601/2601update
Oil Trader Andurand Lost 52% in April First Half on Oil Bets
https://www.bloomberg.com/news/articles/2026-04-23/andurand-lost-52-in-april-first-half-as-ceasefire-hurt-oil-bets
The world is watching the wrong oil price
https://www.telegraph.co.uk/business/2026/04/23/the-world-is-watching-the-wrong-oil-price/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU