5 minutes ago, US crude oil prices surged above $91.50/barrel. Now, we are above $92.50, adding +$1/barrel in 5 minutes

[riversedge]

whow.


The Kobeissi Letter @KobeissiLetter
·
24m
This is truly incredible to watch:

5 minutes ago, US crude oil prices surged above $91.50/barrel.

Now, we are above $92.50, adding +$1/barrel in 5 minutes.

This puts prices up +$12/barrel in 9 hours.

We are witnessing a historic short squeeze as we speak.

Link to tweet

?s=20




Not a short squeeze. Supply destruction.
Kuwait: 2.6M bbl/day shut-in (wells closed, weeks to restart)
Hormuz: 20% of global supply blocked
Trump: No diplomatic resolution
Shorts aren’t being squeezed by positioning. They’re capitulating to physical reality.
This is structural, not technical.

Link to tweet

?s=20

[AZJonnie]

1. Well, the people that actually matter to IQ47, e.g. the US oil industry, are ecstatic I'm sure

The mass of US people, OTOH, are out of the tariff frying pan, but into the crude price fire

[Goonch]

2. ;-{)....

[markodochartaigh]

3. To offset the electoral effects of the effects of the

level of economic drag these prices will cause the economy, the Republicans are going to have to do unprecedented amounts of gerrymandering, suppression, and disenfranchisement. The appearance of the US is going to be severely distorted by the cancer of authoritarianism over the next few years.

[markodochartaigh]

4. Interesting exercise:

Screenshot your local, or the national Gasbuddy map and compare it to the new map in a few days.

[nitpicked]

5. It's yo-yo time.

https://www.cnbc.com/quotes/@CL.1

It's yo-yo time.

Fell back down below 90, back up to 90.80, as of this instant to 90.39.

[Renew Deal]

6. This is how the US "loses" the war

Iran is correct to identify the US being sensitive to financial impacts. And the longer they drag out the pain, the more successful they can be.