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Oil!
Brent crude rose near $90 a barrel on Tuesday.
Were it not for surging yields and obsessive pontificating about the trajectory of Fed tightening, crude would've been the story.
Prices are the highest in seven years (figure below). Oil's up double-digits in 2022 already. A deadly Houthi drone attack targeting fuel tankers in the United Arab Emirates added some geopolitical seasoning to an already spicy mix. At ~$85, WTI is a long way from negative $36.
The Houthi "problem" isn't new. Wars of
Yemen may be the one place on earth (outside of Central PA in deer season), with more private weapons per capital than Afghanistan. Best to avoid.
Yes, Yemen has more firearms per capita when compared to Afganistan (0.52 guns per person), but it doesn’t even come close to the guns per capita in the USA (1.2 guns per person). Best to avoid the states, lest you get shot…
Great sense of wit.
Pipeline explosion in Iraq/turkey after hours. Cause unknown. 500kb/d offline
H-Man, methinks there will continue to be oil demand even if global economies slow. It is the juice that is always needed for the time being.