The latest IEA oil report shows that oil supply remains disrupted but prices haven't exploded too much because the market is absorbing the shock through inventory drawdowns, hopium and demand destruction.

Demand destruction is a fancy way to say less freight, less industrial activity, fewer flights and higher costs for almost everything. Although there are still billions of barrels in storage, the longer the disruption lasts, the more the economy has to shrink to match the oil supply.