bring it
market vibes
in the news
“Goldman Sachs: Global Oil Inventories Fall to 8-Year Low.” This headline was penned by Reuters (quoting GS) and carried by OilPrice today. Is patently incorrect. More on this in vibe. Here is a clear breakdown from the US EIA & Paris based IEA:
January 2026: Global inventories were 8.21 billion barrels the highest level since February 2021. March 2026: Global inventories fell by 85 million barrels to 8.125 billion barrels.
In FX this morning the “de- dollarization” narrative is as badly mischaracterized as the Reurters headline above… or worse ( see the link).
in the markets
WTI June crude is down $3.00 on Hegseth’s speech. Open interest was up small on higher volume yesterday and rising with prices meaning longs are dominating the range. About 62k lots have entered since prices hit $78/barrel during the May expiration.
Hegseth made it plain the US was going to escort a few hundred million barrels of oil and humanitarian products that the world needs forthwith. If Iran wants to FA and FO, “bring it” … here we go.
Trump’s quip. “They have no cards,” is not correct. Iran has held one card for almost 50 years. The “trump card” and now that card is being called and raised.
June/July (the front spread) is making lower lows and lower highs for a 4th day. Directional movement has turned negative.
Gasoline is in a rare condition. Open interest is in vertical decline, indicating liquidity is collapsing, volume is collapsing. Lonely at the top…
Refining margins are a tick lower. …
