Murban Bab oil field

That, of course, is a particular problem for Asia, sitting as it does at the far end of a very strained global oil supply chain.

It means that the cost of sending a cargo of Murban or Oman crude from the Middle East to Singapore is now around $150 a barrel, and these are the sorts of price levels where we start to get real demand destruction.

Normally, you get more crude, the crude price falls, and demand for shipping rises.

Right now, freight's rising, but there's precious little crude either, and both are rising in tandem.

[upbeat music] CNBC Futures and Commodities is pegging Brent at .83% in the green to $91.61. West Texas Intermediate crude oil is up 1.17% to 85.49. Natural gas, not a hedge today, up 1.15% to $2.72 per 1,000 cubic feet, and gasoline is up a point to $3.30 a gallon.

Murban crude is up a half to $98.20.

Meanwhile, all metals are in the red, some more than others.

Palladium is down three and a half points.