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      Chloroquine is not a “game-changer”

      The FDA’s decision is surprising to us given that the clinical data generated so far for the compound is at best mixed as it showed anecdotal efficacy in small trials (with no control arms) while failing to demonstrate efficacy in a controlled trial in China. Although it may be helpful for some patients, there is not sufficient evidence supporting the efficacy and the use of these drugs without prescription could cause serious consequences including death.

      JPM
      China - boss of Hormuz

      Majority of Iran's oil goes to China...

      China - boss of Hormuz
      Source: DB
      Keep calm and sail on

      Total number of tankers traversing via the Strait of Hormuz.

      Keep calm and sail on
      Source: JPM
      Smoked

      Brent net managed money 80% of 5yr max (per June 17).

      Smoked
      Source: Bloomberg, GS
      Hurtful

      Just in time for the great oil puke... HFs are now O/W Energy stocks relative to the Russel 3000 for the first time in more than five years.

      Hurtful
      Source: GS
      Down, but far from out

      Oil volatility, OVX, crashed yesterday, but is still very elevated. At current OVX levels, the market is pricing around 3.5% daily moves in oil. Note the gap vs VIX...

      Down, but far from out
      Source: LSEG Workspace
      That was quick

      RSI in oil has shown some extreme moves. Back to the mid range here...

      That was quick
      Source: LSEG Workspace
      Monster oil

      It is hard to find superlatives for the latest oil moves. Early yesterday, before the move lower, we outlined that the "outlook for oil price was bearish". We did not think oil would collapse. Anyway, here we are, trading at first bigger supports post the perfect reversal off the longer term negative trend line. Note we are hitting the 100 day as of writing.

      Monster oil
      Source: LSEG Workspace