WATCH ENERGY LEVERAGE

“And so now we are definitively escalating and not only is the straight not going to be open, but we are going to make it even more closed than it was before. So an interesting, you know, reverse card being played here as always, you know, it's a bold strategy cotton. We'll see how it plays out, but yeah, big, big implications this week.”

“There does appear to be a large redirection of VLCCs, which are very large crude carriers to the Gulf here in the U.S. and that's in response to one of the main oil arteries and LNG arteries in the world, as we've discussed for the last month, getting closed off. So yeah, I think it's an interesting kind of illustration of something that we've been talking about.”

“As you know, the figure I show here is 50% of sulfuric acid exports are used for phosphate fertilizers. And it's important because the first market and the downstream kind of agricultural markets that globally that it depends on, that depend on it, are already very disrupted from everything that's gone on thus far out of the Gulf.”

“But alas, we're not a golf podcast for Bitcoin slash. I think we're macro podcast now. I think I've gotten some feedback. Some of the brightest minds in macroeconomics globally have been listening week in, week out just to come and get your thoughts, John, because they're good thoughts, as you alluded to. Things are chaotic.”

“The market decided last week with the ceasefire announcement that everything was, was Gucci and we were heading back to all time highs. But as we mentioned last week too, let's not get immersed and succumb to the 24-hour news cycle and the changing of headlines and the ping-ponging of ceasefire, no ceasefire, deal, no deal.”