Uranium is back
The massive deficit + price insensitivity should be a solid tailwind Source: Game of trades
There is always a bull market somewhere... The Sprott Uranium Trust just broke a huge resistance
Source: Tony Greer
The World’s Biggest Oil Producers
Source: Visual Capitalist
With the rise of oil prices, there is currently a revival of the "commodities super-cycle thesis"...
Source: J-C Parets
Since the June bottom, crude oil, uranium, sugar and orange juice are up 20-30%. Is the risk of a second wave increasing?
Source: The Macro Guy
This chart from Bloomberg shows the massive supply shortfall oil markets will face next quarter
OPEC expects a supply shortfall of more than 3 million barrels per day. If OPEC is correct, it would result in the biggest inventory drawdown since 2007. Voluntary production cuts by OPEC members are removing 1.3 million additional barrels of oil supply every day. Higher oil prices are back and the US reserves are at record lows. Source: Bloomberg, The Kobeissi Letter
What powered the world in 2022
Source: Elements
OIL PANIC?
As shown on the chart below (courtesy of TME), big golden crosses can lead to much bigger outsized oil moves than what we are seeing now… This is becoming problematic for equity markets. As explained by Goldman, "rallying rates and commodities are derailing the goldilocks soft landing scenario. The uncomfortable combination of rallying oil and US long end breaking up is disrupting this equilibrium and triggering a rotation into the “persisting inflation & sticky rates” narrative, adding pressure on equities and valuations". (GS sales desk)
