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UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Reviewing oil industry statistics for the week ending March 13th contained only a small indication of the impact COVID-19 will have on U.S. oil fundamentals. The weekly oil inventories fell by 7.7 million barrels and product supplied-a proxy for consumption-was actually up 0.3% over the past 4 weeks vs. last year. Jet fuel demand was down 12.3% though in the same comparison, and that's just the tip of the iceberg.
Economic activity and travel have been significantly reduced in California, the largest U.S. state and fifth largest economy in the world. About a quarter of