One of the world's top commodity analysts says that is exactly the WRONG conclusion...
Jeffrey Currie, former head of commodities research at Goldman Sachs, offers an assessment that should alarm ANYONE paying attention to energy markets:
$4 billion fled energy markets last month alone, headline fatigue has set in, and investors are treating Hormuz as transitory...
Currie says that disconnect between what crude futures show and what product markets are screaming is the most dangerous misread he has seen in his CAREER.
The real crisis is already visible in the markets nobody watches: the spread between diesel prices and crude oil is now greater than the oil price itself, jet fuel spreads are at HISTORIC extremes, and there's NO strategic reserve on the product side to buffer what comes next.
"I have never seen a market like this. Never..."
The July reprieve from Iranian oil flooding markets is already reversing, inventories are heading back down in August, and it's only a matter of time before the product shortage bleeds into crude.
Markets have a habit of being wrong right up until they are catastrophically right...
Appreciate your insights, @CommodMkt
