1. Oil volatility collapses- For two months, the oil market has been incredibly boring. Brent futures have not moved more than $1 per barrel in either direction over a single day for seven consecutive weeks. - The OPEC+ cuts have stabilized the physical market, and money managers have placed bets on options that pay off with lower volatility. According to the Wall Street Journal, so-called “strangles” have suppressed implied volatility. - Implied volatility has declined from a peak of 345 percent on April 21 (when oil prices went negative)…
