Caught in the big commodity downdraft is oil, as prices of West Texas Intermediate crude fall below $90.
That’s notable, but what’s also interesting is the big picture.
If you look at a chart going back several years, you can see that there are recurring peaks and troughs, but that each peak is a bit lower than the one before.
And this year the peak really fizzled out fast.
More evidence of a big secular trend for oil (lower demand, higher supply) and all commodities (higher supply, slower global growth, and a speculative unwind).