The Globe and Mail reports in its Friday edition that the stock market is an imperfect forecasting machine, often untroubled by the approach of disaster. The Globe's Tim Shufelt writes that today, the investor base seems to have faith that the oil supply disruption will be quickly undone, despite growing evidence to the contrary. Parts of Asia are already rationing fuel, and Iranian missile strikes on Qatar effectively took one-fifth of the world's liquefied natural gas supply off-line. Gasoline prices in the United States and Canada have spiked to four-year highs. The stock market is not too worried about it beyond tracking U.S. President Donald Trump's mood swings. The S&P/TSX Composite Index has lost a mere 3.6 per cent. That barely qualifies as a dip. Futures contracts show traders are betting on U.S. oil returning to $70 (U.S.) a barrel by the end of the year. But all signs point to conditions getting worse. Emergency reserves of crude oil are being rapidly drawn down and the last tankers to make it through the Strait of Hormuz before it was shut down will soon make their deliveries. Demand destruction has begun. The concern is that the physical tightness seen thus far in Asia begins to cascade globally.