Collapsing US, Canada Demand vs. Supply and Energy - The Bloomberg Energy Spot Index (BCOMENSP) has had an exceptional year in 2026, gaining about 30% to March 10. Is it sustainable? My graphic shows top reasons why the 1Q pump may fuel a reciprocal dump: collapsing US and Canadian demand vs. supply and a stretched stock market. A prerequisite for industrial commodities -- notably energy and base metals -- to remain elevated may require US stock-market cap-to-GDP staying resilient at 2.3x -- the highest year-end level since 1928. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tbqc2ekiupxl {BI COMD} #crudeoil #stockmarket @markets(Mike McGlone)