The Cruel Oil-Market Math Conspiring Against ETF Bulls: Energy
The Musket Corp. Windsor Crude Terminal in Windsor, Colorado.
Photographer: Matthew Staver/BloombergThis article is for subscribers only.
The $2.3 billion that has poured into funds that track oil since December would seem like a logical enough investment. After crude dropped more than 50 percent to a five-year low, the thinking goes, prices are due for a rebound.
There’s just one problem. And it’s a big problem.