Global Daily: Look to America

US equity indices closed lower yesterday but were comparative outperformers against European and Asian counterparts, which were roundly brutalised. The relative performance of equity markets reflects what is happening in oil markets, where the law of one price is being strained by a complete dearth of oil in Asia, a shortage of oil in Europe, and relative abundance in North America. The spread between West Texas crude and the more international Brent crude is now at its widest level since the Covid demand shock of 2020.