BofA’s Hartnett On Oil, Santa Rally Odds

The absence of an escalatory crude rally in the presence of the Israel-Hamas war is a recession canary. So intimated BofA's Michael Hartnett for at least the third time since the onset of full-on hostilities in Gaza nearly a month ago. Oil rose 30% after Russia's Ukraine invasion, but it's "flat since the Israel-Hamas conflict," Hartnett said, in his latest. That's "telling you the world is closer to recession." Frankly, it's "telling you" there's no discernible supply impact from a contained