War in the Middle East
Energy: JPMorgan warns demand destruction has already begun (and models aren’t measuring it properly)
In an Oil Flash Note, the bank’s Global Markets Strategy team estimated that the price effect of crude on global demand would trim just 1 million barrels per day in April. But there is a second form of demand destruction that standard elasticity does not capture: the one that occurs when physical inputs simply do not arrive. JPMorgan documented it company by company in Asia and concluded it is already underway.
