brad white

The blue checkmark came w the grok A.I. upgrade. I don’t want it.

[Eric Nuttall @ericnuttall]

Global oil inventories are at their lowest seasonal point in recorded history, the US SPR is at its lowest level since the early 80's, the 2027 WTI strip is back in the "red zone" for US shale, restocking demand = +0.4MM Bbl/d for the next 3 years, oil price induced recessionary fears are no more, Chinese SPR buying should be resuming, Iran is fully in control of the Strait and likely to restrict flows, ME productive capacity damage will become more visible over the next few months, Cushing is basically at tank bottoms, Strait of Hormuz export volumes likely impaired forever, energy stocks are discounting ~$60WT, Brent short interest is at its ~ highest level in history,...and you want to be bearish???

[Jeffrey Currie 🆔++ @CommodMkt]

This morning, I joined @CNBC and @MorganLBrennan to discuss the latest moves in oil markets.

My view is that while the market is in surplus today, that tells us nothing about tomorrow.

Over the past three to four weeks, we’ve seen previously trapped crude pushed out through the Strait, and that supply is now hitting the market. That helps explain the recent move lower, but it’s a temporary dynamic rather than a shift in the broader balance.

The market has likely overshot to the downside.

At the same time, underlying conditions remain tight. Shipping risks persist, only limited lanes are operational, and flows are still constrained.

There is also a growing disconnect in the system. We have surplus crude, but a shortage in refined products, with margins at extremely elevated levels. That is likely to drive refineries to increase runs to capture those returns.

Inventories remain depleted, and in that kind of environment the system cannot adjust smoothly. It tends to move from small surpluses to tightness very quickly, driving significant volatility in both directions.

I would view the current weakness as temporary rather than indicative of a more balanced market.

Watch the full interview here: https://t.co/wcb5UU2Fp3

Thanks again to the @Squawkstreet team for having me on.

[brad white @bwhiteb2]

@WhiteHouse @POTUS @grok is this a win for America or for Iran.

[Thoughtful Money® @thoughtfulmoney]

Will oil "sink like a rock" now that an agreement has been struck with Iran?

Commodities expert Jeff Currie @CommodMkt doesn't think so

In fact, he's an eager buyer of oil & oil stocks right now

Why?

WATCH: https://t.co/bLLRyYOAGH

[Steve Hanke @steve_hanke]

Commodity market guru Jeff Currie remains bullish on oil's long-term outlook:

“One thing that’s very clear in the oil market is you've lost most of the players… They’re not willing to play in the market anymore… I think that that’s another very bullish long-term driver here.”

[brad white @bwhiteb2]

@ericnuttall The king 👑

[Eric Nuttall @ericnuttall]

A great read from Jeff Currie, inline with our view that under the status quo, oil safety buffers will be used up this Summer: https://t.co/IP2M1pRy6H

[brad white @bwhiteb2]

@DarioAmodei Lord of the Rings, or Lord of the Flies?

[Mohamed A. El-Erian @elerianm]

Bloomberg: "Canada edged into a technical recession as weak business and government spending drove a slight contraction in the first quarter...
Real gross domestic product fell by 0.1% on an annualized basis during the first three months of the year...: That follows a 1% contraction in the fourth quarter."
#economy #growth #canada

[brad white @bwhiteb2]

@NotHoodlum maybe fear botox overload

[Steve Hanke @steve_hanke]

Commodity market guru Jeff Currie on Pres. Trump's so-called deals with Iran:

“Five deal announcements, zero closes… sell the tweet, buy the molecule.”

HEADLINES LIE, MOLECULES DON’T.

[brad white @bwhiteb2]

@strauss_matt And trailing 4 qtrs zero

[brad white @bwhiteb2]

@strauss_matt 3 of last 4 quarters were negative. 🤷‍♂️

[brad white @bwhiteb2]

@strauss_matt

[Eric Nuttall @ericnuttall]

Neil Chapman, SVP of Exxon this morning at the Sanford Bernstein Strategic Decisions Conference perhaps going a little off corporate script:

[Warren Kinsella @kinsellawarren]

Toronto's housing situation is a calamity. Which makes this relevant:

1. Despite a $120,000 family income, @oliviachow lived in the publicly-subsidized Hazelburn co-op in Toronto and paid $800 a month for a three bedroom + den unit.

2. According to the co-op, she should have been paying hundreds more.

3. Thousands of people were on the waiting lists for the kinds of units Chow occupied. She moved out shortly after getting caught by the media.

4. All of that is verifiably true. And it is considered so damaging, Chow's campaign has done secret focus group research on what to say about it.

5. That's who Chow is.

#topoli

[Financial Times @FT]

US tax authorities will be barred from pursuing claims against the president, his eldest sons and the Trump Organization under a deal to halt a $10bn lawsuit against the Internal Revenue Service. https://t.co/UTiZF44UqA

[Anthony Scaramucci @Scaramucci]

If Barack Obama had done half of what Trump is doing now, Fox News would have been calling for impeachment.

Trump has no economic philosophy.

He spent $8.2 trillion in his first term and he's on pace for $9 to $10 trillion in this one.

We're at 100% debt to GDP held by investors — 122% if you count the Fed's balance sheet.

Ray Dalio will tell you those numbers put you in sovereign debt crisis territory.

And when that happens, the only way politicians are willing to pay for it is through inflation.

Which is the cruelest possible outcome, because inflation is the worst tax you can impose on lower and middle income people.

[Plastic Straw @infofinder99]

@TorontoStar No paywall here https://t.co/oQtaWGNrmS

[brad white @bwhiteb2]

@pigeonflyer1 @mapleblooded @GasPriceWizard “Interest rates are at historic lows, Glen” - JT