Happy Friday! If you've found yourself wondering at several points this year why oil seems to be having outsized moves that are counter to fundamentals, our big take might help answer some of those questions. w/ Julia Fanzeres bloomberg.com/news/features/… via Bloomberg Markets

The top of this story tells you the really important stuff, but if you make it to the end there's some more in the weeds wild bits too (1/2) bloomberg.com/news/features/… via The Business of Fashion #OOTT

Oil consumers jumped on a chance to lock in protection against higher energy costs as this week’s price slide made hedging cheaper. bloomberg.com/news/articles/… via Bloomberg Markets Alex Longley Devika Krishna Kumar

Goldman's head of commodities is stepping down at 47 after making $100 million in the last three years Sridhar Natarajan bloomberg.com/news/articles/…

Supply is back in the driver’s seat for oil markets. At issue is rising crude production from non-OPEC+ nations including the US. The cartel’s response has been to pledge deeper output cuts, but traders are skeptical | with Devika Krishna Kumar bloomberg.com/news/articles/… via Bloomberg Markets

A tanker that was carrying a cargo of Russian naphtha for Trafigura was struck by a missile as it transited the Red Sea Alex Longley Archie bloomberg.com/news/articles/…

Petronas, Malaysia’s state-owned oil and gas company, is hiring traders to expand its derivatives business bloomberg.com/news/articles/… via Bloomberg Markets #OOTT

Breaking -- Exxon Mobil plans to exit Equatorial Guinea in 2Q, marking the end of nearly 30 years in the West African nation. Zafiro field pumped over 1bn barrels, enriched the ruling elite yet human rights remained elusive Full story w/ Paul Burkhardt: rb.gy/kzf51p

Izzy Englander’s Millennium Management earned about $600 million from commodities investments in 2023 trib.al/vPpu8jc

Hedge fund Walleye is eliminating about a dozen employees, including the head of its global discretionary macro business, as it restructures operations trib.al/ZlOyns6

Mood check at #CERAWeek this year- This comment from Aramco CEO Nasser was followed by a loud round of applause: “We should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions” bloomberg.com/news/articles/…

About 600,000 barrels of Russia’s daily oil-refining capacity has been knocked out by Ukrainian drone strikes, says Gunvor CEO Torbjörn Törnqvist bloomberg.com/news/articles/… #CERAWeek via Devika Krishna Kumar and Will Kennedy

NEW: Tremors were felt throughout the New York City area causing buildings to shake on Friday morning in a 4.8 magnitude earthquake trib.al/SsxmQoX

Defense Secretary Lloyd Austin warned that #Ukraine’s recent attacks on #Russia's oil refineries risk impacting global energy markets bloomberg.com/news/articles/… via Bloomberg Politics

Shale explorers are drilling wells faster than they’re fracking them, a strong signal that US oil-production growth is slowing. bloomberg.com/news/articles/… by David Wethe & Devika Krishna Kumar via Bloomberg Green

The inside story of a $39 billion bid to reshape the global mining industry Thomas Biesheuvel Dinesh Nair @Paul_VLH bloomberg.com/news/articles/…

ED&F Man, the 240-year-old commodity trader that once supplied a daily tot of rum to every sailor in the Royal Navy, is in talks to be bought by Hartree Isis Almeida bloomberg.com/news/articles/…

US fuelmakers are scrambling to meet ever-higher demand using aging plants. An explosion at a Texas refinery last year exposed how that risks disaster. Read The Big Take. trib.al/wyXuHd9

Two of Trafigura’s Top US Oil Traders Are Leaving the Company Devika Krishna Kumar bloomberg.com/news/articles/…

Finshing up my 6th year of teaching @NYU energy derivatives trading class. This year, 1/3 of students chose #AI-based trading strategies for their final project, which resonates with the story below. RT Devika Krishna Kumar #oott bloomberg.com/news/articles/…