Iran directly rejects Trump's new claim that he reached an agreement to "cancel tonight's strikes" on Iran as "baseless," saying no agreement has been approved at all, and all of Trump's words should be disregarded like all his previous "38 times" deal-imminent announcements over two months, per Tasnim.
A senior Israeli official also tells Channel 12 they are "not aware of any agreement being reached," per N12.
This crude disruption is so large, no one really can wrap their head around losing ~14.5M bpd, going on day 86 now. Even *IF* there is a deal, the current deal that is under discussion reportedly includes a 60 day extention of the current ceasfire. With any EXCESS inventories in global floating storage drained, and with the joint SPR drain (US is in an even worse postion due to the SPR drain during the prior administration), the cushion is gone.
Oil executives, analysts, major banks, and even Reuters are now all reporting the same thing: the full impact of the Strait of Hormuz closure has not yet been felt, and it's coming. Expect major price spikes in energy right as the summer driving season is starting and inventory buffers are running out.
Folks - this is serious, and you need to be prepared.
Full report: https://t.co/iGbxpuEXrT
The constraint is infrastructure. Canada does not currently have the pipeline capacity to move Western oil and gas to the Atlantic coast at scale. Nor do we have LNG export terminals on the East Coast.
Europe is looking for reliable partners within the OECD. Canada is precisely that. Supplying energy to European allies strengthens transatlantic ties, supports economic resilience and reinforces Canada’s role as a serious country capable of executing large projects.
If we do, the outcome is clear. Tens of billions in annual exports, thousands of jobs, stronger public finances and a meaningful role in global energy security. If we do not, the outcome is equally clear. We remain dependent on a single market, continue to accept discounted pricing, and watch others capture an opportunity that was well within our reach. This is not a question of resources. It is a question of resolve.
The fact that the central Cdn media do not seem to challenge the Liberals on this objectively, comically and irresponsibly nonsensical claim is sadly - not a great surprise. Please send me some evidence to the contrary and I will share.
Not a single purchaser of crude oil in the world asks nor cares about the carbon footprint of the barrel, instead is 100% focused on accessibility, affordability, and reliability. I do not see how we overcome this massive misunderstanding which underpins all ongoing negotiations.
Is not front month crude oil prices that should be concerning, it is the backend that has consistantly risen ..the market is telling you higher for longer
@DBatDad@RealPeterLinder 1) I’m talking about stops on your S&P holdings.
2) you can enter “market” stops ensuring they get executed but granted might be lower than your stop.
@MPelletierCIO@BNNBloomberg Good stuff - one other point when comparing to Norway is that Norway invest 100% outside of the country. That’s a huge difference vs Canadas levered debt fund.