The Saudis can send oil prices soaring and Canada has no insurance policy

There is a lot going on in oil markets these days. The Saudis are threatening anyone who dares to question their abuse of human rights with a curtailment of oil production. Meanwhile, a lack of take-away capacity combined with temporary U.S. refinery turnarounds have resulted in a disastrous pricing scenario for Canadian crude oil -- across all grades from heavy to light. We believe during times like these it's important to not to get caught-up in the micro and instead focus on the macro. The fact of the matter is that despite all of the press about new innovation and disruption, global fundamentals in the oil sector really haven't changed that much, with large price responses to marginal changes in supply -- both locally and abroad.