The twin black swans of coronavirus and Opec’s massive opening up of oil supply are combining into a one-in-a-100-year event that will likely collapse oil prices to lows never before seen and depress the spread between bunker grades for months to come.

Bjarne Schieldrop, chief commodities analyst at SEB Merchant Banking, told TradeWinds this week: “The current price of Brent crude [at] around $25 [per barrel] is probably going down to $20, $15, $10, $5 per barrel.