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...inflation break evens included. Oil looks like it is unstoppable, but we are reaching recent highs which should provide some resistance. Our thematic email (ZH premium subs only, sign uphere) on oil from Dec 1, "Oil - blood in the streets?", has even outperformed our own expectations. If you managed holding this "bloody long" since then, it is definitely time to book profits. Chart showing oil vs US 10 year break evens.