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Cheers. Welcome to the Real Vision Daily Briefing. I'm Jack Farley. It's Friday, May 1st.

We've got Raal and Ash standing by. But first let's go over the biggest story of the day.

Oil producers continue to feel the heat.

ExxonMobil today reported its first quarterly loss in 32 years, and it froze its dividend

for the first time in 13 years.

Meanwhile, Royal Dutch Shell cut its dividend for the first time since World War II.

It's a reminder that even if the long squeeze in oil is over,

the pain for oil producers is only just beginning.

The futures are showing that order has been restored to the market

with Western Texas intermediate hovering at just above $19. And a look at the implied

vol for W.T. I. shows that volatility is being tamed compared to a week ago.

The bottom line is that for most drillers,

W.T. I at $19 is simply uneconomic.

And the futures curve doesn't contain much hope.

If the curve is correct for many producers,

...