Brent at $90.94 looks almost civilized. Jeff Currie thinks that is exactly the problem: everyone is staring at crude while the real energy shock is already showing up in the fuels people actually buy. “Nobody on the planet earth consumes crude oil,” Currie told CNBC. Refineries do. Everyone else consumes gasoline, diesel and jet fuel, and those markets look considerably uglier. European diesel was trading around $170 per barrel during the interview, Currie said, almost twice Brent’s current $90.
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