situation normal
market vibes
April 27…)
in the news
Reporter: “Respectfully, why does this keep happening to you?”
Trump, “I have to say I am honored by that.”
I saw a photo of the shooter wearing an IDF T-shirt on Telegram yesterday. We still have no clue what happened in Butler and btw the dude who supposedly killed Charlie Kirk says, “I’m innocent.”
Senator Tillis agreed to allow hearings to approve Warsh to move forward. Lisa Cook is effectively out, imo. Trump will appoint another pro-Warsh voter. Say good-bye to data dependent BLS nonsense… and good-bye Kabuki pressers. I won’t be surprised to see intra-meeting Fed rate actions and I doubt they will be hiking rates.
Canada has approved Enbridge’s C$4 billion Sunrise Expansion, breaking ground in July and due to be fully online in 2028. The buildout will add 300 million cubic feet per day of capacity or 10% to the existing system that already moves about 3.6 billion cubic feet per day. Canada’s oil and gas potential is huge.
My sniff…Crude oil demand is falling almost as fast as the loss of supply from the blockade. In my opinion, it may/will exceed it. More on that in the vibe.
2 year and 5 year note auctions at 1:00 PM EDT.
in the markets
June WTI is balanced. Alternative energy, reliability and security are themes of the hour. Western oil producers and Russia are making buckets of money. I don’t see this changing until Iran gives in. Everyday the Strait stays closed American market share goes up.
US refining margins make new all-time highs.
The NYMEX front spread is tighter but contained … so far. At any rate WTI is the low price benchmark and the high volume provider … and refiners are making record profits. Does that remind you of something? PM miners?
