Monday Humor (Crude Lemmings)

It's been particularly amusing (and somewhat disquieting) to witness the rapid shift in sentiment that's helped HY energy spreads compress to levels last seen when crude was trading around $80/bbl. (Bloomberg) Markets went from pricing in the end of the world last February (when we were staring into the deflationary doldrums after a truly miserable start to the year) to acting as though the OPEC/non-OPEC production cut deal is a cure-all for commodities. This despite the fact that US produ