Jeffrey Currie has traded commodities for three decades and says he's never seen 100 million barrels dumped on the market at once, trapped oil released like a popped pimple when the strait cracked open.
It says EVERYTHING about today and nothing about tomorrow.
Nearly all of it is sailing to Asia on Chinese-flagged ships, and pump prices stayed stubbornly high.
His alien test: land on Earth, look at this market cold, and you'd conclude the shortage is refining, not crude.
Ukraine has knocked out millions of barrels of Russian capacity, so completely that Russia is now importing gasoline from INDIA.
Europe retired its refineries.
China isn't exporting products.
There's no strategic reserve of diesel.
And the strait? He doesn't see Tehran surrendering the best negotiating card it's held in 47 years, better than a nuclear weapon, while China ends up holding the molecules, the minerals, and the processing for both.
Everyone's watching Iran, he warned. The bigger problem is RUSSIA… and almost nobody has priced it in.
@CommodMkt
