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Hmm. I don't think the hedge is that complicated, so maybe it's not particularly relevant after all. I was just thinking of it in terms of complementary goods -- normally we'd expect suppliers to increase output when the cost of an input drops, but in this case they already ate that cost so the effect would be damped. But maybe not?

I suppose there's also a question of how long OPEC floods the market. But IDK, and you make a good point.




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