Steve

[Lukas Ekwueme @ekwufinance]

Rick Rule: The world has systematically underinvested in oil.

- The oil industry is underinvesting in sustaining capital by >$1B/day
- This underinvestment will reduce future oil production

Oil is a cyclical industry, and a sustained period of underinvestment will lead to lower production in the future... we are still in the underinvestment period despite high prices.

In addition to the massive underinvestment:

- The industry has to fix oil infrastructure impacted by the Iran war
- The world will have to refill their SPRs
- Countries will expand their SPRs

Hormuz or no Hormuz, the supply/demand picture for oil is favorable over the long term.

[Eric Yeung 👍🚀🌕 @KingKong9888]

The price of #Silver will most likely spike above $200 USD per troy ounce when #Gold breaks out and FOMO kicks in.

However, #Silver above $200 is unsustainable. Industrial users will have to find alternatives at those levels.

[Steve @Steve3fhyp]

@GavMcCracken Also, from a practical standpoint, Bessent can’t short and deliver much more than about 42,000 contracts per month to physical buyers. Each contract represents 1,000 barrels, and the SPR’s maximum release rate is only about 1.5 million barrels per day.

[Steve @Steve3fhyp]

@GavMcCracken Excellent point tonight about the growing share of physical buyers in futures as trading volume dries up. I’d add that this isn’t just a volume effect: as futures become increasingly suppressed relative to the physical market, additional (arbitrage) buyers are likely to step in.

[Praise ꓘeK ²²²Rn Sniffer @PraiseKek]

Haven't checked markets all week...
Quick look this morning.
$SPX 7,444 - $WTI $82.

Quietly taps the sign, again...

[Cajun Cowboy @CajunCowboy15]

Why has POTUS seemed particularly erratic and unstable this week? It's because he knows the 2026 Lehman moment is coming, and the headline will read a lot like this: ENBRIDGE DECLARES FORCE MAJEURE AT CUSHING STORAGE HUB. God speed to you all.

[Steve @Steve3fhyp]

@CRUDEOIL231 @MercJunkie Going to laugh if there’s no major flush. Despite the ‘certainty’ of the deal Friday, we only moved down a few percent. It’s been two months strait of flushing longs.

[Steve @Steve3fhyp]

@potassium_phd Love the reply. Thanks! 😊

[Dr. Potassium @potassium_phd]

@Steve3fhyp Yes, I still believe $159 is possible this year

[Steve @Steve3fhyp]

@calvinfroedge Do you think WTI gets pulled upwards too or just Brent?

[Taylor Breesey @taybreeseybabe]

This is how farm girls take breaks btw

[SilverDegen @SilverDegen]

🚨 Inflation adjusted Silver ATH is $1,857 per ounce

[Steve @Steve3fhyp]

@SilverDegen Jeeez, even the 2011 high was $200/oz adjusting for inflation.

[Northstar @NorthstarCharts]

If you expect oil to stay below $200/barrel for the next 5-8 years, you're ignoring 150 years of evidence 👇

[🏴‍☠️ @calvinfroedge]

Fully agree and I don't think it will age poorly

It's absurd that oil didn't even make nominal all time highs in the greatest supply shock in history

We've become incredible can kickers

[Steve @Steve3fhyp]

@SerenityStnu @GavMcCracken Jeez you have balls. Might need a ball reduction surgery 😂

[Steve @Steve3fhyp]

@JLinvilleFert @toiletkingcap Everybody has been betting on the strait reopening yesterday since March 3rd.

[Steve @Steve3fhyp]

@GavMcCracken Pretty wild. We’re already starting to see mining curtailments. The residence time for sulfuric acid from production plant to mine site is only 2-4 weeks depending on the location. There isn’t ‘extra’.

[Steve @Steve3fhyp]

@GavMcCracken Yeah, another ship was blown up by Iran