• Crude prices have fallen by 60% since June
• A V-shaped recovery isn't as far-fetched as it may sound
• In 2014, Asian demand aborbed 60% of the surge in US supply. In 2015, it will 'absorb' 135% of it. The demand-supply gap will have reversed
• By 2017, according to the US EIA, US shale supply will have stopped growing. By 2020, it (and total) supply will be falling again
• Global petroleum demand growth will accelerate over the next 10 years, not decelerate, thanks to demand from Asia
• If markets expect prices to return to normal in a year's time, they will put them there today. A return to $100 oil would imply a 12-month return of 110%. Equities don't offer that
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