Oil. The hated commodity of the political left and the loved commodity of the political right. An important barometer of the underlying global economy, it is an asset that macro analysts turn to when trying to figure out what side of the business cycle the broader markets are in. Oil is what risk managers run for when they need a hedge against inflation. Oil is perceived to be homogeneous by many, yet behind its monolithic ‘black gold’ facade hides a complex patina of different grades and diverse supply chains, fragmented contracts listed on multiple exchanges, and many currencies in which…

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