Correlation Economics Backup

Since 20% of sulphur demand comes from fertilizer, there is a correlation between these two commodities. In fact, sulphur is a leading indicator for potash.  

Oil demand is going to rise next year.  Oil bottom coming?

New dot plot: Old dot plot:

SPR releases are bearish oil.

CEO of Scorpio Tankers forecasts a 5X in tanker rates: 

CAPEX/Sales ratio for oil is still at a low. 

Nenner update.