What's missing?

Biden CPI inflation fighting agenda incl housing, grocery retailers, Pharma, billionaires & corporations.

Gasoline was #1 factor for the surprise higher MoM CPI. Question is why Biden omitted #Oil #NatGas ? Not putting back VEN oil sanctions? What else?

#OOTT

Human ingenuity and determination!

If you haven't seen. Just had Apollo 13 on in background. Playing a lot as it was Apr 11-17, 1970.

A great true story, viewed as the most accurate space movie.

Couldn't help note the slide ruler, reminds of freshman year.

Back to markets!

Will IEA do same on Fri?

EIA increases oil demand fcast by +0.4 mmbd to 102.9 in 2024 & by +0.5 mmbd to 104.3 in 2025.

Note this is due to revisions to 2022 & 2023.

So their YoY growth rates in 2024 & 2025 are less than Mar fcast.

Regardless why, #oil demand is up big!
#OOTT

Worth a read: Iran IRGC navy comd interview

could shut Strait of Hormuz if they wanted.

will be responding to bombing of consulate in Syria.

warned neighbour countries with Israel relations - an attack on Iran better not start from there

Houthis make their own weapons
#OOTT

China, like US, is seeing Hybrids continuing to to take market share from EVs.

China Mar NEV sales 0.709 million.

NEV splits were released today:

EV: 0.428 million or 60%
Hybrid: 0.281 million or 40%.

#OOTT

Note 👇Gasoline impact in CPI.

Hard for Biden to pull back on Venezuela licenses ie, stop >150 kbd of VEN oil into Gulf Coast.

Saudi voluntary 1 mmb/d are the 1st OPEC+ cuts that could come back in July. MBS holds what Biden wants.

Thx Joshua Robinson
#OOTT

Europe TTF #NatGas prices up but still down 1/3 YoY.

Russia attacks two Ukraine underground gas storage faciltiies ... 'still operating while specialists assess the impact of the shelling' report kateryna choursina Priscila Azevedo Rocha

#OOTT

bloomberg.com/news/articles/…

For those not near their laptop, EIA just released at 8:30am MT its #Oil #Gasoline #Distillates inventory as of Apr 5. Table below compares EIA data vs @businessexpectations and vs American Petroleum Institute yesterday. Prior to release, WTI was $85.30. #OOTT

Note 👇Gasoline impact in CPI.

Hard for Biden to pull back on Venezuela licenses ie, stop >150 kbd of VEN oil into Gulf Coast.

Saudi voluntary 1 mmb/d are the 1st OPEC+ cuts that could come back in July. MBS holds what Biden wants.

Thx Joshua Robinson
#OOTT

Treasury yields up, stock futures down post US CPI print post 0.4% MoM vs 0.3% expectations

As of 6:38am MT

Thx Squawk Box

#OOTT

'We saw record high demand for copper, for aluminium, for oil and for gas in China. That tells you that that’s an economy that’s actually doing quite well.” Saad Rahim.

Thx Financial Times Gulf Intelligence #OOTT

Energy Transition 101: More Renewables = More #NatGas

'if you believe in the Energy Transition, you believe in [Natural] gas. Because the more renewables you add to the grid, the more gas you’re going to need to provide that baseload power. Trafigura Richard Holtum

Thx Financial Times…

sounds like “growth is normalizing” is at strong levels

Jonathan Ferro just now on Delta CEO Bastian to Bloomberg “no let up in demand”

#OOTT

Hmmm!

'growth is normalizing and we are in a period of optimization .... ' Delta AIr Lines Outlook

Coming up Delta Air Lines CEO Bastian on Squawk Box

#OOTT

China, like US, is seeing Hybrids continuing to to take market share from EVs.

China Mar NEV sales 0.709 million.

NEV splits were released today:

EV: 0.428 million or 60%
Hybrid: 0.281 million or 40%.

#OOTT

WOW!

Vitol CEO Hardy sees #Oil demand +1.9 mmb/d YoY in 2024!

Vitol is a lot closer to OPEC's +2.2 mb/d YoY in 2024 .

Wonder how much the IEA increases its +1.3 mmb/d YoY demand forecast on Friday?

Thx Dmitry Zhdannikov. #OOTT

Worth a read: Iran IRGC navy comd interview

could shut Strait of Hormuz if they wanted.

will be responding to bombing of consulate in Syria.

warned neighbour countries with Israel relations - an attack on Iran better not start from there

Houthis make their own weapons
#OOTT

India reality check!

“I was in Mumbai last week and anyone that thinks they’re all going to be driving Tesla’s in a few years time, hasn’t seen the reality on the ground… be sustained & increasing demand for fossil fuels for the next 5, 10 yrs or so” Trafigura Richard Holtum…

Will IEA do same on Fri?

EIA increases oil demand fcast by +0.4 mmbd to 102.9 in 2024 & by +0.5 mmbd to 104.3 in 2025.

Note this is due to revisions to 2022 & 2023.

So their YoY growth rates in 2024 & 2025 are less than Mar fcast.

Regardless why, #oil demand is up big!
#OOTT

India reality check!

“I was in Mumbai last week and anyone that thinks they’re all going to be driving Tesla’s in a few years time, hasn’t seen the reality on the ground… be sustained & increasing demand for fossil fuels for the next 5, 10 yrs or so” Trafigura Richard Holtum…