Folks, what a week last week was in the markets. The market went from being bullish crude to bearish seemingly overnight as news erupted over the coronavirus virus hitting China in a big way and spreading.

Geopolitical risk is seemingly having a lessor impact on oil prices. It’s a trading pattern that would have been unthinkable a decade ago, but has become increasingly familiar. The threat of conflict loomed over the heart of the global oil market this past week, but the usual panic buying by traders was met quickly by a wave of U.S. shale drillers locking in future pricing and hedging their output.

We have quite a bit of breaking news to share with you this week. Perhaps the most important news to share, if you are Canadian, is that Canada won the Gold Medal in the World Junior Hockey Tournament against the Russians in a 4-3 victory coming from behind 3-1 going into the third period. Congratulations to our Canadian readers – well done!