The one commodity market that is behaving rationally about global growth right now is oil. The world is swimming in the stuff despite oodles sitting on the sidelines.
Chinese demand is down 4mb/d. There has been some offset in supply thanks to Libyan troubles removing 1mb/d but nobody there has much incentive to keep the oil offline for long. I expect it will return over the next quarter.
As well, the Saudi/Kuwait neutral zone is about to ramp up for the first time in years, adding another 0.55mb/d.
