Podcasts about distillate

Send us a textWhat is up all you Gardeners!  Mr Weedman and Big Earl are stoked to have @W01f.man back in the house.  Before the trio kicks off their conversation, they all get normal, Mr WM and @W01f.man are toking on Wolfman's BHO carts of Wild Strawberry while Earl is seshing on Fat Sweaty Bulldog (his floor weed, haha).  From there, they get right into the topic of HASH, sharing solid explanations of BHO and Distillate.  Wolfman will educate you so you can medicate in a cleaner, safer, and more efficient way.  Together they also breaks some myths and misunderstandings so you can better understand HASH and what to look for when you're sourcing your medicine.  Wolfman is a Michigan home-grower who practices solventless/closed loop extraction, he's a fantastic source of knowledge and understanding. Thanks for listening and as always, hit us up...IG: @w01f.man    ---                                         IG: @earl217 and @iamtheregalbeagleEmail: ThatRegalBegal@gmail.com---Twitter: @weedman420podYouTube: Weedman420 ChroniclesEmail: weedman420chronicles@gmail.com---Swag/Shop: https://eightdecades.comIG: @eightdecadesEmail: eightdecadesinfo@gmail.com---#High #Cannabis #StomptheStigma #FreethePlant #CannabisEducation  #CannabisResearch #Weed #Marijuana #LegalizeIt #CannabisNews #CBD #Terpenes  #CannabisPodcast #Podcast #eightdecades #Homegrow #Cultivation #BigEarl #Weedman420Chronicles #GrowHour #seeds #genetics #nutrients #IPM #Burpinthebag #LED #Lights #Atmosphere #TheRegalBegalBeanCo #Autoflower #autos #regs #photos #feminized #terps #plantmedicine #holistichealing #holistic  #seedbreeder #seedbank #beans #forage #chemisty #science #plants #hash #collab #rosin COPYRIGHT 2021 Weedman420Chronicles© 

This week Will and Ben dive into the upcoming opening crop balance sheet for the 2025 season.Market recap (changes on week as of Friday's close): » March 2025 corn up $.09 at $5.05» December 2025 corn down $.03 at $4.70» March 2025 soybeans up $.21 at $10.57» November 2025 soybeans up $.07 at $10.59» March soybean oil up 0.74 cents at 46.81 cents/lb» March soybean meal down $1.10 at $294.80/short ton» March wheat up $.10 at $5.90» July 2025 wheat down $.08 at $6.17» March 2025 cotton down 1.03 cents at 66.08 cents/lb» December 2025 cotton down $0.24 at 69.15 cents/lb» October WTI Crude Oil down $0.49 at $70.22/barrelWeekly highlights:Consumer Sentiment declined significantly in February to 64.7 vs 71.7 in January and below expectations of 68.0.US crude oil stocks increased 195 million gallons on the week- the four straight week. US gasoline stocks were mostly flat on slightly lower weekly demand. Distillate stocks were down 86 million gallons.US ethanol production increased just slightly to 319 million gallons- up from 218 million last week but matching the volume this time last year. Ethanol ending stocks were up 22 million gallons and are 3% higher than last year.The National Oilseed Processors Association reported their members crushed 200.4 million bushels in January- a new record for January, but below expectations. The implied soybean oil demand number was bullish despite a bearish crush report.Grain and oilseed export sales were neutral on the week with corn sales of 57.2 million bushels, soybean sales of 17.6 million bushels, grain sorghum at 870,00 bushels, and all wheat sales at 19.6 million bushels. Soybean oil sales came in above all expectations after being negative the week prior.Cattle on Feed in as of February 1 was reported at 11.716 million head- 99.3% of last year. The report was seen as neutral to slightly bullish with both placements and marketings coming in higher than last year.Open interest in futures and options contracts of grains and oilseeds was up 1.5% week over week with producer and merchants increasing their net short position 3.4% and money managers increasing their net long position a combined 39,366 contracts- all of which were nearly exact opposites of the week prior.US grain and oilseed export inspections were all as expected today although down week over week for corn and up week over week for soybeans and total wheats.Topics:» Market recap» USDA balance sheet out on Friday» A record oilseed crush falls below expectations» The impact of dropping consumer sentiment» Cattle on feed's impact to feed grains» Reports to watchConnect with Brownfield Ag News:» Get the latest ag news: https://www.brownfieldagnews.com/» Subscribe to Brownfield on YouTube: https://www.youtube.com/@BrownfieldAgNews» Follow Brownfield on X (Twitter): https://x.com/brownfield» Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNewsAbout Brownfield Ag News:Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week Will and Ben reflect on further developments in the Black Sea region and a new trade deal between China and Brazil.Market recap (changes on week as of Monday's close): » December 2024 corn down $.05 at $4.24» December 2025 corn down $.09 at $4.32» January 2025 soybeans down $.24 at $9.85» November 2025 soybeans down $.16 at $10.10» December soybean oil down 4.31 cents at 41.21 cents/lb» December soybean meal up $3.40 at $293.70/short ton» December 2024 wheat down $.12 at $5.35» July 2025 wheat down $.09 at $5.72» December 2024 cotton up 6.58 cents at 73.20 cents/lb» December 2025 cotton up 1.65 cents at 72.27 cents/lb» October WTI Crude Oil down $.25 at $68.92/barrelWeekly highlights:The leading indicators of the US economy index dropped 0.3% last month due to higher jobless claims, fewer building permits and a decline in manufacturing orders. Still there is little sign that the current four-year expansion is ending- just slowing.US consumer sentiment was up in November to 71.8 from 70.5 in October- the highest monthly reading since April 2024.US energy stocks were mostly higher on the week with crude oil up 23 million gallons, gasoline up 86 million gallons, and ethanol 22 million gallons. Distillate fuel stocks were down 5 million gallons. Energy prices continue to ease as talk of a ceasefire in the Middle East grow.US ethanol production pulled back from its record high volume of 327 million gallons to 326 million gallons. Ethanol production has been a supportive fundamental for the US corn market this summer and fall.Open interest was up week over week for wheat (+0.3%), corn (+0.1%), soybean (+5.1%), and soybean meal (+0.7%), while down for soybean oil (-1.7%), cotton (-3.2%), and rough rice (+10.9%).Money managers were mixed on the commodities this week but the whole complex returned to a net short position. Traders sold off 10,516 contracts of wheat, 13,165 contracts of soybeans, 19,084 contracts of soybean oil, 36,069 contracts of soybean meal, and 22,136 contracts of cotton while buyers of corn and rough rice by 4,639 and 530 contracts, respectively.US Cattle on Feed as of November 1st totaled 11.986 million head or 100.3% of last year. That was slightly higher than the pre-report estimates of 99.9%. October placements were 105.3%, above expectations while placements marketings were 104.7%, slightly below expectations of 105.2%.US export sales were mixed on the week- corn sales of 58.8 million bushels were down week over week while soybean sales of 68.4 million bushels exceeded all pre-report expectations. Grain sorghum and wheat sales of 4.8 and 20.2 million bushels were solid.This week's grain and oilseed export inspections report was slightly bullish with corn inspections at 35.6 million bushels, coming in above pre-report expectations and wheat shipments of 13.2 million bushels at a two-month high.US winter wheat conditions were reported at 55% good to excellent this week- up from 49% last week and well above pre-report expectations of 51%.Topics:» Market recap» Escalation in Blach Sea region» New ag trade deal between Chin and Brazil» Impact of Trump Administration cabinet selections» Reports to watchConnect with Brownfield Ag News:» Get the latest ag news: https://www.brownfieldagnews.com/» Subscribe to Brownfield on YouTube: https://www.youtube.com/@BrownfieldAgNews» Follow Brownfield on X (Twitter): https://x.com/brownfield» Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNewsAbout Brownfield Ag News:Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kameron Walker, known as KillaKam, is a pioneer in the cannabis extraction community. He shares his journey, the impact of the Good Life Gang, and insights into the industry's future. Expect to learn about the fluctuating dynamics of the cannabis market, personal anecdotes from his early days in the industry, and insights into the future of cannabis extraction. If you're fascinated by the cannabis industry or the intricacies of extraction, this episode is for you. Join us as we uncover the stories and wisdom of Kameron Walker. Follow Pharmers on Instagram - @pharmersqualityFollow Don on Instagram - @distillatedon More info about Pharmers at https://pharmersquality.com/ Grab some Pharmers Quality & Nero merch at https://pharmersapparel.com/

This week Will and Ben digest the impact of USDA's July supply and demand reports and forecast what's next for trade. Market recap (changes on week as of Monday's close): » September 2024 corn down $.03 at $3.90» December 2024 corn down $.03 at $4.04 » September 2024 soybeans down $.63 at $10.33» November 2024 soybeans down $.59 at $10.40» September soybean oil down 2.8 cents at 46.07 cents/lb» September soybean meal down $13.90 at $314.00/short ton» September 2024 wheat down $.38 at $5.32» July 2025 wheat down $.31 at $5.98» October cotton up 1.37 cents at 70.86 cents/lb» December cotton up 1.85 cents at 72.44 cents/lb » September WTI Crude Oil down $.96 at $81.43/barrel Weekly highlights:The Consumer Price Index for June showed prices declining month over month for the first time since May 2020. Price dropped 0.1% month over month compared to expectations of a 0.1% gain. Year over year CPI fell to 3.0% down from 3.3% last month. The Producer Price Index showed slight month over month gains of 0.2% with year over year at 2.6% compared to 2.4% in June.US energy stocks were mixed on the week. US crude oil and gasoline stocks were down and distillate stocks were down 145 and 84 million gallons respectively. The crude oil drop followed a 511 million gallon drop the week prior. Distillate stocks were higher by 205 million gallons ending a three-week skid. Implied gasoline demand was flat on the week.US ethanol production pulled back to 310 million gallons on the week down from 313 million gallons the week prior. Ethanol production margins have increased the last couple weeks on decreasing corn cost and increasing ethanol prices. There were no changes to ethanol stocks on the week. The National Association of Oilseed Processors reported their members crushed 175.6 million bushels of soybeans in June. The volume was a new June record but below pre-report trade expectations of 177.9 and the May volume of 183.6 million bushels.The July WASDE was full of surprises this month. Notable surprises included 133 million bushel increase in US wheat production, US corn stocks for 2024/25 fell 5 million bushels month over month but 215 million below trade estimates on unexpectedly higher old crop use, and US cotton stocks were 1.2 million bales higher. Open Interest of futures and options for commodities was largely up across the board. Chicago wheats (+1.9%), Corn (3.3%), Soybeans (6.2%), Soybean meal (+5.4%), ICE Cotton (2.4%), and Rough Rice (+11%). Soybean oil was the lone commodity down in open interest (-2.5%).Managed money accounts continue to sell off futures and options positions. Managers were net sellers of 17,445 contracts of Chicago corn taking the corn contract to an all-time net short record of 353,983 positions. Traders were sellers of 31,679 positions of soybeans, 9,577 positions of cotton, and 459 positions of rough rice. They were buyers of 7,129 positions of Chicago wheat reducing the net short in that commodity.Weekly US grain and oilseed export sales were bearish for wheats at 8.8 million bushels and the lowest weekly sales volume for soybeans since the end of May at 7 million bushels. There were minimum new crop sales across the board.Weekly grain and oilseed export inspections were mixed on the week with corn shipments of 42.5 million bushels near the top of expectations, soybeans of 6.2 million bushels below all expectations and wheats of 19.6 million bushels above all expectations. US corn and soybean conditions remained unchanged on the week despite expectations of a 1% increase in good to excellent ratings. Corn at 68% compares to 63% on average. Soybeans at 68% compares to 50% on average. The full index was unchanged for corn at 372 while falling just one point for soybeans- both are well above last year and the average.US cotton condition score of 45% good to excellent was also unchanged on the week. The full composite index fell just 1 point to 319 and compares to 312 last year and 328 on average.The fast winter wheat harvest is now 71% harvested down from expectations of 74% complete. The spring wheat crop is rated at 77% good to excellent compared to 51% last year and 55% on average.Topics:» Market recap» Absorbing USDA report surprises» Derecho in Western Cornbelt» Export outlook» Updates on soybean crush» Reports to watchConnect with Brownfield Ag News:» Get the latest ag news: https://www.brownfieldagnews.com/» Subscribe to Brownfield on YouTube: https://www.youtube.com/@BrownfieldAgNews» Follow Brownfield on X (Twitter): https://x.com/brownfield» Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNewsAbout Brownfield Ag News:Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Summary: In this episode of Mitten Marijuana, Joe and Chloe review the unique and exciting Unicorn Puke Distillate Brush. They discuss everything from its whimsical packaging to its potent effects, providing a thorough evaluation of this innovative cannabis product. Whether you're a seasoned cannabis enthusiast or new to the scene, this episode offers valuable insights into the Unicorn Puke Distillate Brush.Timestamps:00:00 - Introduction: Welcome and overview of the episode00:28 - Product Overview: Basics of the Unicorn Puke Distillate Brush01:00 - Packaging and Presentation: First impressions and design01:41 - Aroma and Flavor: Sweet, maple syrup-like taste03:03 - Ease of Use: Twist mechanism and brush applicator03:39 - Unique Application: Using the brush for infused joints04:43 - Exploring Other Options: Tinctures and their uses05:18 - Convenience: Portable and easy to carry06:03 - No Noticeable Scent: Focus on the flavor profile06:28 - Different Experiences: Joe and Chloe's varying tastes08:14 - Effects and Potency: Impact on joint strength09:33 - Situational Use: Ideal for running low on flower or quick sessions10:06 - Overall Impressions: Pros and cons of the distillate brush12:36 - Recommendations: Who should try it and why13:50 - Conclusion: Final thoughts and call to actionLinks:Linktree: Our LinktreePatreon: Join our PatreonYouTube: Watch our videos on YouTubeInstagram: Follow us on InstagramFacebook: Like us on FacebookTwitter: Follow us on TwitterDon't forget to subscribe to our podcast and leave a review.Follow us on social media for updates and exclusive content.Check out our Patreon for behind-the-scenes content and special perks.Join us next week for another exciting episode in the world of cannabis!Episode Highlights:Joe and Chloe provide a detailed review of the Unicorn Puke Distillate Brush, highlighting its ease of use, unique flavor, and potent effects.Discussion on how to use the distillate brush to enhance your cannabis experience, from infused joints to potential applications on bowls.Personal anecdotes and differing opinions on the product's impact and taste.Insights into other cannabis products and methods, including tinctures and their benefits.

This week Will and Ben breakdown the shifting ag trade market and where U.S. opportunities exist. Market recap (Changes on week as of Monday's close): - May 2024 corn up $.10 at $4.49 - December 2024 corn flat at $4.72 - July 2024 soybeans up $.06 at $11.82 - November 2024 soybeans up $.07 at $11.78 - July soybean oil down 1.29 cents at 44.37 cents/lb - July soybean meal up $9.50 at $354.30/short ton - July 2024 wheat up $.21 at $6.08 - July WTI Crude Oil up $0.19 at $82.09/barrel Weekly Highlights· Personal consumption expenditure data came in a little higher than expected this month at 2.7% growth in March compared to 2.5% in February and above expectations of 2.6%.· Stocks of US crude oil, gasoline, and ethanol were lower week over week with distillate stocks higher. Crude oil stocks fell 267 million gallons ending a string of four consecutive weekly increases totaling 628 million gallons. Gasoline stocks fell 27 million gallons. Distillate stocks made a counter seasonal move higher of 68 million gallons.· US ethanol production pulled back again this week to 280 million gallons after falling sharply the week prior. The volume compares to 284 million gallons during the same week last year. Ethanol stocks were down 15 million gallons, but remain seasonally high.· Open interest of Chicago grains and oilseeds was down for wheats (-0.4%), soybeans (-6.2%), soybean oil (-4.1%), and soybean meal (-0.3%) while being up slightly for corn (+0.2%), cotton (+2.0%) and rice (+2.2%).· As anticipated, disaggregated CFTC reporting showed that managed money traders covered short positions over the week ending April 23rd. Managed money traders decreased their short position in Chicago wheats 21,242 positions, they also decreased their net short of Chicago corn positions 41,024 positions and their net short of Chicago soybean positions 18,861 positions.· Corn export sales of 51.2 million bushels were well above expectations toping out at 35.4 million and the strongest of the 2023/24 marketing year. Soybean export sales of 7.7 million bushels were below the most bearish pre-report estimate of 11 million bushels. Grain sorghum sales of 1.5 million bushels and wheat sales of 3 million bushes were both up week over week.· US grain and oilseed export inspections were down week over week for corn, soybeans, and grain sorghum, but up for combined wheat classes. All commodities were within expectations. Although the corn, soybean, and grain sorghum volumes were seasonally low.· For the third week in a row- US corn planting progress doubled. At 27% complete, the US corn planting pace exceeds 23% this same time last year and 22% on average, but matched trader expectations. Last year we saw a 23-percentage point increase, which seems unlikely this year. Soybean planting increased 10% percentage points to 18%- ahead of the 5-year average of 10% and 1 point above trader expectations.· The winter wheat conditions rating dropped just slightly to 334 down 2 points from last week, but still ahead of the 270 last year at this time. Spring wheat plantings are the fastest in 3 years.Topics:- Market recap- Sideways commodities- Continued weak soybean exports- Alternatives to Chinese export market- Looking ahead to USDA's GREET model- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week Will and Ben discuss how interest rates and acreage expectations are guiding the market. Market recap (Changes on week as of Monday's close): - May 2024 corn flat at $4.36 - December 2024 corn up $.03 at $4.73 - May 2024 soybeans up $.14 at $12.01 - November 2024 soybeans up $.12 at $11.91 - May soybean oil flat at 48.71 cents/lb - May soybean meal up $7.50 at $339.40/short ton - May 2024 wheat up $.09 at $5.51 - July 2024 wheat up $.09 at $5.67 - May WTI Crude Oil flat at $81.49/barrel Weekly Highlights· The US market remains strong. The home builder confidence index reached its highest level since July 2023 while housing starts, building permits and existing home sales all exceeded expectations. With higher interest rates, all-cash buyers made up a third of homes sales- the largest since 2011. New home sales 0.3% in February.· The Federal Reserve's Open Market Committee unanimously decided to hold interest rats at 5.25-5.50 percent but reiterated that it still planned to cut interest rates three times in 2024.· Key outlook measures released quarterly by the Federal Reserve moved in opposite directions for rate cuts. Unemployment was revised down and inflation index was revised up compared to December.· US crude oil stocks decreased 82 million gallons on the week. Gasoline stocks were also down 139 million gallons with seven straight weeks of declines drawing down stocks nearly 1 billion gallons. Distillate stocks were up 26 million gallons.· Ethanol production increased to 308 million gallons on the week- up 7 million gallons from the week before. Domestic gasoline consumption was down 3% on the week. With the larger ethanol production and softer gasoline consumption, ethanol stocks increased just slightly by 10 million gallons. · US export sales of grain and oilseeds were mixed- corn, grain sorghum, and wheat sales were down week over week, but soybean sales were up. Everything was within expectations even though there were net cancelations of wheats driven by soft red winter and white.· Weekly grain and oilseed export inspections were again supportive this week with 48.3 million bushels of corn, 28.2 million bushels of soybeans and 11.6 million bushels of wheats. Everything was in the range of expectations, but soybeans continue to run a little stronger than we saw at this time last year.Topics:- Market recap- Commodities finding support- Federal Reserve planning on interest cuts- Corn, soybean acreage- USDA grain stocks & prospective plantings preview- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week Will and Ben breakdown the U.S. acreage picture for corn and soybeans as planting in parts of the Midwest heats up. Market recap (Changes on week as of Monday's close): - May 2024 corn down $0.04 at $4.36 - December 2024 corn down $.02 at $4.70 - May 2024 soybeans up $.07 at $11.87 - November 2024 soybeans up $.07 at $11.80 - May soybean oil up 2.11 cents at 48.70 cents/lb - May soybean meal down $6.20 at $331.90/short ton - May 2024 wheat down $.04 at $5.42 - July 2024 wheat down $.02 at $5.57 - May WTI Crude Oil up $4.46 at $81.60/barrel Weekly Highlights· Initial jobless claims last week of 209,000 were down from expectations of 218,000 and 210,000 the week prior.· The Producer Price Index jumped 0.6% in February- the largest monthly gain since last August. This was above expectations of 0.3% rise in PPI.· Weekly CTFC data showed that open interest in Chicago Futures and Options was up across the board for the second consecutive week. Chicago Wheats (1.7%), corn (2.4%) and beans (2.6%).· Managed money traders increased their net short of Chicago Wheats 7,992 contracts while also decreasing their large net short of Chicago Corn 40,867 contracts and Chicago soybeans 16,862 contracts. Net gains for corn and soybean oil were much larger than expected by daily trade estimate, with soybeans close, while Chicago wheat more negative than expected.· US Crude oil stocks decreased for the first time in seven weeks- falling just slightly by 65 million gallons. Gasoline stocks fell much further- down 238 million gallons to extend the tightening to six consecutive weeks. Distillate fuel stocks were up just slightly by 37 million gallons. Gasoline demand was flat on the week after being up 6% week prior.· Ethanol production pulled back to 301 million gallons produced on the week- down 10 million gallons. It was also the lowest volume in 2 ½ months. It is expected 101.4 million bushels of corn were used in the process. With flat gasoline consumption and slightly lower ethanol production- ethanol stocks pulled back just slightly.· The National Oilseed Processors Association reported their members crushed 186.2 million bushels of soybeans in February, a new monthly record for February and above the most bullish pre-report estimate. Soybean oil use in February of 2,027 million pounds was also a new record for the month.· US export sales last week were all within expectations but showed weekly increases for corn and soybean meal with weekly decreases for soybeans, soybean oil, grain sorghum, and wheats. Corn was on the higher end of expectations with soybeans on the lower end.· Weekly US grain and oilseed export inspections were mixed last week. Everything was within expectations but corn was on the high side of expectations while wheats were on the low side.· USDA reported a two-point increase in Kansas winter wheat ratings this week, to 55% good/excellent, TX up 2% to 46% good to excellent; OK ratings feel four points to 61% good to excellent while CO rose 9% to 65% good to excellent. Topics:- Market recap- Soybean market continues to find support- Potential acreage shifts- Planting discussion- Fed to meet, interest rates in balance- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week Will and Ben look at USDA's most recent supply and demand estimates and breakdown movement in the soybean and wheat markets. Market recap (Changes on week as of Monday's close): - May 2024 corn up $0.10 at $4.40 - December 2024 corn up $.09 $4.72 - May 2024 soybeans up $.25 at $11.80 - November 2024 soybeans up $.27 at $11.73 - May soybean oil up 1.42 cents at 45.17 cents/lb - May soybean meal up $3.60 at $337.10/short ton - May 2024 wheat down $.18 at $5.46 - July 2024 wheat down $.08 at $5.59 - May WTI Crude Oil down $.83 at $77.34/barrel Weekly Highlights· Economically initial jobless claims of 215,000 came in a little higher than expectations of 210,00 and the 202,000 the week prior.· The Federal Reserves preferred measure of inflation the PCE index rose to 0.3% in January as expected- up from 0.1% in December.· Weekly CTFC data showed that open interest in Chicago Futures and Options was down across the board for Chicago Wheats (-6.6%), corn (-7.7%) and beans (-11.1%).· Managed money positions of Chicago futures and options was mixed: for feed grains like wheat traders reduced their new short by buying back 11,983 contracts. The same was true for corn with managed money funds buying back 47,474 contracts to reduce the next short below -300,000 contracts again. It was also the first net buy for corn this calendar year. Managed money funds continued to sell off soybeans with another -23,976 net contracts.· Crop Insurance projected prices for 2024 spring crops are finalized. Corn projected price of $4.66 is 27% lower than last year while the soybean projected price of $11.55 is 16% lower than 2023 levels.· US Crude oil stocks increased for the fifth consecutive week while oil prices rallied on news of further OPEC+ production cuts. Gasoline stocks fell another 119 million gallons to extend the trend to a fourth week. Distillate fuel stocks were down 21 million gallons. Gasoline demand was up 3% on the week but 7% below the same week last year.· Ethanol production decreased just slightly to 317 million gallons down from 319 million gallons last week. Ethanol stocks increased 22 million gallons on the slightly smaller production. Corn used for ethanol production exceed the same period last year by 4% matching the increase USDA anticipates for the year.· US grain and oilseed export sales were all within expectations for the current marketing year. Corn, grain sorghum, soybean, and wheat sales were all up week over week. While the volumes increased on the week they still are not bullish.· US grain and oilseed export inspections were all within expectations. Soybean export inspections, while still at a seasonal deficit, have surprisingly experienced higher than expected volumes lately given the lack of fresh sales and logistical competition from South America. Topics:- Market recap- Soybean market gets a boost- Wheat drops- Ethanol production- Inflation up on month- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Market recap (Changes on week as of Monday's close): - May 2024 corn up $0.09 at $4.30 - December 2024 corn up $.06 $4.63 - May 2024 soybeans up $.10 at $11.55 - November 2024 soybeans up $.17 at $11.46 - May soybean oil up 0.15 cents at 45.17 cents/lb - May soybean meal up $4.90 at $333.50/short ton - May 2024 wheat down $.10 at $5.64 - July 2024 wheat down $.10 at $5.67 - May WTI Crude Oil up $1.08 at $78.17/barrel Weekly Highlights· Economically initial jobless claims of 215,000 came in a little higher than expectations of 210,00 and the 202,000 the week prior.· The Federal Reserves preferred measure of inflation the PCE index rose to 0.3% in January as expected- up from 0.1% in December.· Weekly CTFC data showed that open interest in Chicago Futures and Options was down across the board for Chicago Wheats (-6.6%), corn (-7.7%) and beans (-11.1%).· Managed money positions of Chicago futures and options was mixed: for feed grains like wheat traders reduced their new short by buying back 11,983 contracts. The same was true for corn with managed money funds buying back 47,474 contracts to reduce the next short below -300,000 contracts again. It was also the first net buy for corn this calendar year. Managed money funds continued to sell off soybeans with another -23,976 net contracts.· Crop Insurance projected prices for 2024 spring crops are finalized. Corn projected price of $4.66 is 27% lower than last year while the soybean projected price of $11.55 is 16% lower than 2023 levels.· US Crude oil stocks increased for the fifth consecutive week while oil prices rallied on news of further OPEC+ production cuts. Gasoline stocks fell another 119 million gallons to extend the trend to a fourth week. Distillate fuel stocks were down 21 million gallons. Gasoline demand was up 3% on the week but 7% below the same week last year.· Ethanol production decreased just slightly to 317 million gallons down from 319 million gallons last week. Ethanol stocks increased 22 million gallons on the slightly smaller production. Corn used for ethanol production exceed the same period last year by 4% matching the increase USDA anticipates for the year.· US grain and oilseed export sales were all within expectations for the current marketing year. Corn, grain sorghum, soybean, and wheat sales were all up week over week. While the volumes increased on the week they still are not bullish.· US grain and oilseed export inspections were all within expectations. Soybean export inspections, while still at a seasonal deficit, have surprisingly experienced higher than expected volumes lately given the lack of fresh sales and logistical competition from South America.Topics:- Market recap- Crop market levels out- Managing input costs- Coming Biden administration fuel policy- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week Will and Ben track falling crop prices and where they might be headed.Market recap (Changes on week as of Monday's close): - March 2024 corn down $0.12 at $4.20 - December 2024 corn down $.08 $4.62 - March 2024 soybeans down $.08 at $11.85 - November 2024 soybeans down $.09 at $11.59 - March soybean oil down 1.45 cents at 45.99 cents/lb - March soybean meal up $3.50 at $350.00/short ton - March 2024 wheat down $.27 at $5.66 - July 2024 wheat down $.29 at $5.66 - March WTI Crude Oil up $.86 at $77.97/barrel Weekly Highlights· Two separate measures of inflation came in hotter than anticipated. The Consumer Price Index came in at 3.1% year over year vs expectations of 2.9%. Similarly, the Producer Price Index came in at 0.9% month over month vs expectations of 0.1% increase and -0.1% in January. · Weekly CTFC data showed that open interest in Chicago Futures and Options was down 2.3% for Chicago Wheats, up 2.1% for corn and up 1.4% for soybeans.· Managed money traders continue to sell Chicago corn and soybean contracts. The net short for corn increased 16,597 contracts which took them over the philosophical threshold of 300,000 contracts. The record was set in April 2019 at just over 322,000 contracts. Managed money was also a seller of Chicago soybeans by 4,200 contracts to 134,500 contracts. The record for soybeans was May 2019 at just under 190,000 contracts. · Crude oil stocks excluding the strategic petroleum reserve increased 505 million gallons for the week leaving them 7% below last year. Gasoline stocks declined 153 million gallons but 2% higher than this same week last year. Distillate stocks were down 80 million gallons and are 5% higher than last year. West Texas Intermediate Oil prices are creeping back up to $80 per barrel after reaching the low $70 range in early February.· Ethanol production increased again this week to 318 million gallons. Corn used for ethanol production exceed the same period last year by 97 million bushels. Ethanol stocks increased 43 million gallons. · The National Oilseed Processors Association reported soybean crush numbers that disappointed the market. Soybean crush for January came in at 185.8 million bushels- four million less than the trade had anticipated, although still a January monthly record. Even though soybean crush was lower, soybean oil stocks also grew and were above all expectations implying January soybean oil use was rather bearish.· At USDA's annual Agricultural Outlook Forum, the agency released their first balance sheets for 2024/25 marketing year. The numbers were bearish to new crop supplies but not as bearish as many in the industry were anticipating.· US grain and oilseed export sales were mixed last week. For corn- export sales of 51.4 million bushels were a 9-week high while soybean sales of 13.0 million bushels and wheat sales of 12.8 million bushels were both on the low end of expectations. There were net cancelations of grain sorghum sales amounting to 100,000 bushels for the current year and cancelations of all 2.4 million bushels of 2024/25 sales. There are no grain sorghum commitments for next year at this point after reaching 7.5 million bushels a few weeks ago. Topics:- Market recap- Crop market continues general fall- Added trade support?- USDA Ag Outlook Forum bearish- Reports to watchSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyGoogleTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.The wheat market saw a rally on Thursday, driven by rumors of increased Chinese buying interest in US Soft Red Winter (SRW) wheat. China has already purchased nearly 2 million metric tons (mmt) of US SRW wheat for the current marketing year, likely due to quality issues in its own crop. This news has pushed the pace of US wheat export sales ahead of last year's levels, although it remains the second weakest in the past decade.

Tiffany Wilding, PIMCO Economist, expects growth to stagnate next year as the Fed's policy drags continue to build. David Bailin, Citi Global Wealth Chief Investment Officer & Global Head Of Investments, says there's opportunity in rising earnings as markets begin to normalize. Randy Kroszner, Univ. of Chicago Professor of Economics & Former Fed Governor, says continued wage growth makes the Fed's inflation goal unlikely. Paul Sankey, Sankey Research Founder & Lead Analyst, says he's concerned that Saudi Arabia may dump the oil market as prices continue to drop. Terry Haines, Pangaea Policy Founder, recaps a fiery Republican presidential debate.Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance  Full transcript:  This is the Bloomberg Surveillance Podcast. I'm Lisa Abramoids along with Tom Keane and Jonathan Farrow. Join us each day for insight from the best in economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business App. Right now, I've been out a few days, but I really want to reset here on the American economy, and there's no one better to do that than Tiffany Wilding, economist at Pimco. Tiffy, I'm going to go beyond the labor reports. We'll circle back to that. What is your real GDP growth for twenty twenty four? Yeah, I mean, so we think that the good news from twenty twenty three, the resilient story, the you know, two and a half percent kind of above trend GDP growth, you know, that's probably squarely behind us. You know, the saying kind of goes you can't go to heaven twice, and we think some of the factors that led to that, you know, we're still some of these excess savings sloshing around from the pandemic and other supports, and you know, and those kinds of things in our and under our estimation are going away next year. And when you when those things go away, what you're left with is still tight monetary policy, you know. And obviously we have a Federal Reserve that is telling us they're going to remain on hold. So those policy drags are continuing to build. So overall, we think growth probably is closer to something, you know, the stagnant. You know, whether it's slightly positive or slightly negative, I think is anyone's guest. But we're kind of a stagnant situation next year. So are you basically saying that we're in heaven and that this is the Goldilocks and that you can't go there again it's over? Yeah, I mean, so we do think there's a lot of good news this year with the US economy. There's a lot of surprising resilience in the growth numbers, of course, you know, and and so we think, you know, the supply picture, as the Federal Reserve has also pointed out, has also helped that, you know. But again, if you looked at twenty twenty four, you have demand which is potentially coming down, you know, but some of the things that added to supply, like supply chain normalizations. You know, we have the labor force participation rate for the prime age folks that are now you know, it's back to pre pandemic levels. You know, we're just not convinced maybe that you're going to get as much on the supply side next year. Now. Of course, immigration has been a story here, and that's why we've also seen you know, the unemployment rate rise because some of those labor market inflows aren't getting absorbed by just a strong labor demand. But again, overall, all of those signals kind of point to us of something that's closer to more stagnant. More stagnant economy. Baked into this is this assumption that you're going to have higher yields for a longer period of time. You said, what we're going to be left with is just tighter financial conditions, and yet it's unclear whether that's going to be the case. There have been a lot of people calling for pretty substantial rate cuts by the Fed, by the ECP in response to inflation coming down significantly. Do you agree with the paradigm or oil prices stay lower than they have and keep inflecting lower because of production, because of supply, you start to see a re engagement of global trade, forget deglobalization, and you start to get more people come into the workforce. It's basically everyone that people use. It's the opposite of the this time is different narrative that we heard this year. Yeah, well, I mean, I'm not exactly sure in terms of labor market inflows. You know, higher participation rates for that prime age cohort, you know, I'm not sure that that's going to continue to increase. I do think there's some potential for immigration flows to stay high in twenty twenty four. That's been a story not only in the US but across the developed markets. Obviously geop elevated, you know, geopolitical risks and conflicts are are contributing to that as well. But overall, you know, I guess what we would say is is that, you know, the Federal Reserve has told us that they are still worried about the last mile problem on inflation. In order to really ensure that inflation's back to target, you know, I think we think, you do, you need to see some more labor market loosening. Marketing's coming back here in equity's, bonds, currencies, commodities, a little bit of adjustment off the claims, and we've come back in a little bit. I call it noodling. As we staggered to tomorrow morning at eight thirty, Tiffany, one of the great responsibilities you have is to stagger down the rows at PIMCO, tripping over the antique Monroe traders and looking at people's Bloomberg screens. And the two minute drill is what is a short space going to do, the Jerome Schneider space, And what's it going to do in terms of the wall of money that's out there that's off your remit? But your remit is what are the economic conditions that make cash finally move? Can you come up with a scenario where cash finally moves? Yeah? Absolutely, I mean I do think it's it's certainly this quote soft landing scenario, right, you know. And I think that the fact that the Federal Reserve as well as other central banks have signaled that they're at the top of their cycle, you know, along with this coinciding shock to term premiums, just made bond market valuations look really attractive and as a result, those higher yields just didn't stay around that long, and you are starting to see cash I think, come off the sidelines, go into the bond market now, you know, I think there's a question around the equity market, you know, riskier assets. I mean, certainly the soft landing will be helpful, but when we look at valuations, you know, for equities, for example, we are more cautious. Equity risk premiums are still within their historical range. They're not pricing in a lot of recession risk in our view, and we don't think were out of the water yet or out of the woods yet. There's still a lot of uncertainty here, and we just don't know that you're paid for it going out the risk spectrum. The quality of a lower GDP reset off of the shock of what happened in two thousand and three, two thousand. Listen, ma, I'm decades away. Lisa helped me here twenty twenty three. To me, what's so important, Tiffany, is the productivity discussion of the last ninety days. Give us the PIMCO brief on the efficiencies of the American economy. Yeah, well, you know, I think if you look more, you know, kind of a more broadly, there was a lot of noise around the productivity statistics during the pandemic because you had unproductive sectors that were effectively shut down then they reopened, and so there was kind of a mixshift, if you will, in terms of economic output that impacted the productivity data. But if you look more broadly, it looks like it's on trend at a low level, you know. And I would say that there is you know, probably good news in terms of the productivity outlook that's embedded in you know, AI and large language models and things like that. But if we look at research that you know, just kind of estimates how long it takes for those types of technologies to puller for it, obviously that time has come down, but it's not twenty twenty four. It's still likely a quote secular horiso three to five year time horizon that you're really seeing the productivity gains from something like that. And the last thing I would just highlight is that, you know, we saw PCs or the internet, you know that it took you know, quite some time for us to actually see productivity gains in the nineties to come from that. So you know, at least from a twenty twenty four perspective. You know, we're not as convinced that you really start to see that in the data. But I think there's you know, room for encouragement on a secular timeframe. Just quickly, Tiffany, you seem to be pushing back against market expectations for rate cuts next year. Do you think that we will get rate cuts by the Fed? Do you think that they'll be in the first half or do you think that they're going to be squarely in the second half and not that many? Yeah, well, I mean, look, I do think it depends. I mean the real side of the economy. You know, it does need to slow in our view, and it needs to slow, and you need to see a little bit more you know, loosening of the labor market, we think, in order for central banks to really feel confident that inflation is more sustainably at their target and you know, looking at you know, I think there's definitely some still resilience in the economy and we could see central banks lag worried about that outcome. You know, Powell has very clearly stated, you know, that he wants to be a vulgar you know, and Nana Burns, and so you know, we think they could be laggy in terms of when they start to cut, you know. But but nevertheless, you know, obviously the market's going to price a balance of risks here, and the inflation data certainly has been good over the last couple of months. Tiffany, thank you so much. Tiffany World. With pimcoll they manage Bill's notes and bonds out of Newport Beach, California. I think David Fann is doing what every other guest is comes on this program over the last ten years, does trying to work out the first question that Tom's going to ask, because no one's got any. I got two. It's a double bear. I hear it from guests all the time. I thought he was going to ask me what devis was. That's where I was leaning over David Baale and CIO and head of investments at City Global Wath with this in just a moment, let's turn to the price section equities on the S and P five hundred shaping up as follows, t K positive by point one yields up five basis points four fifteen fifty two on a US ten yet audible question to Baalen, you worked with John Henry years ago, the owner of the Boston Red Sox. How in God's name is John Henry let one Soto go to the New York Yankees and not the Boston Red Sox. And if you I won't answer that question, but tell me how it is that John Henry, as a trend followers won three World Series when the Yankees have only won one. And that's said very nicely finased, Thank you, very much, very good. Let's go to cash. I mentioned at the Bramo. It's in your review here the mystery here of all this cash and you talk about there's just too much cash out there. What do we do with our cash? Next year? You've laid out actually an incredible introduction to our what we're writing for this next year. We're just called slow then Grow, And the idea is that you are going to see a slowing economy at the beginning of the year. A lot of the concerns at LISTA just talked about, you know, actually could come to bear right, which is the economy slows down, but it does not crash. We do not have a recession, we do not have a v shape recovery. And because we don't have a clear signal to investors. They sit there in cash five point eight trillion dollars worth of cash at this point in overnight funds. It's extraordinary. And yet when you take a look at all the different parts of the economy, right, you take a look at the average stock in the US hasn't done that well. Ten stocks have done incredibly well. Bond market's already started to move, energy is down. You are seeing real signs that inflation is not an issue and that the FED will hit their target of two to two and a half percent by the end of the year. So if that's true, right, what you then need is a boost of earnings, right in order to believe that all of this comes together. And this is where I think the story is being missed by the average investor, is that in the US you're going to see ambient like earnings up by probably five percent this year and then eight percent in twenty twenty five. And that sets us up for a thing where you know, an opportunity where a balanced portfolio. Right, you put your money in bonds, and you put your money in stocks, and you sit there and you're patient, and over the next eighteen months you can get yourself a fifteen or twenty percent total return. Now you're giving me the skeptical look, Lisa, Right, and here here's there's the here's the here's the here's the interesting data point. In nineteen thirty one and in nineteen sixty nine, the last two times we had stock and bond markets down for an entire year, if you looked out just two years later, in each of those periods, you know the A balanced portfolio sixty forty was up more than twenty percent. And while that's not statistically significant, what's interesting is we've already had incredible negativity in the stock market and incredible negativity in the bond market this year. Okay, you point to Tom, but this to me is really a question of can you bet on the grow before we get the slow? Right? Well, the grow is already the grow is the is really the is the coming off of it? Was good? One sec. Did you just make that up? Because that's correct. But that's essentially what we're asking is can you bet on the expansion before we get any kind of slow? I love that. That's awesome. Okay, so we have to answer the question that please stake. So let's let's take a look along real estate, right, which, right, has already been in a recession. We've had manufacturing already been in a recession. We've had parts of the you know, parts of our economy like healthcare, right, negative earnings for the first time in fifteen years this last year, lots of these you know parts of our economy. Forty or fifty percent of our sectors are going to be having very positive earnings relative to twenty twenty three. And then the average stock which has gone virtually nowhere this year, you know, has the opportunity to rise. You know, one of the things we put into our portfolios is the most boring investment we've added, which is sn P equal weight. If ten stocks have done well, you want to own the other four hundred and ninety. So I just think that this is where people have sort of missed it is that we haven't seen the overall market rise yet. And that's what twenty four is going to be about in terms of earning. So the double digit percentage point game that you think we can get next year, that's the equal weight and not the market can't whites it index. That's right, Okay, that's right, And I think that's you know, that's the opportunity, is this rising earnings because you've had you know, large portions of the US economy are coming out of a recession. Now, their inventories are down, they've got to rebuild, they're not hiring. Wage cross are coming down. You know. It's it's not about a landing. That's the other things everyone's LP does. This is the hard landing something forget about it. We're now in the situation where we're now beginning a normalization of markets to back to you know, sort of where they were like four years ago, pre pandemic conditions, and we're going to be coming out of this in a grow mode. A bank structured well for that moment, a bank structure or our client structure now a bank structured as in the equities, the bank equities that have struggled so much this year off the back of high yeas. I mean, I definitely believe that the normalization of the yield curve is going to definitely change valuations for banks as a segment. I think that's more of a twelve to eighteen months trade than it is a long term, you know, long term opportunity. I do think that banks are very undervalued at these At this point, I guess I'm trying to understand this perfect scenario and how much oil plays into it as well, given the fact that that has been one of the reasons we've seen this disinflation narrative get some legs. How much is that factor in that we're going to keep seeing suppressed valuations? Right, So, I don't think we expected oil to move down as quickly as it has, and I definitely think it's supply. Like you said earlier, earlier in the program, what we I think discounted as the fact that globalization is still a major disinflationary force. Import costs of goods coming into the US, both finished and unfinished goods are negative three point seven percent relative to last year. They are adding to the disinflation story. So between energy and import costs, you have this situation where you just don't have inflation on goods, and that of course translates into a better economic scenario. It seems like you're having trouble believing that this is actually that you could have a really good backdrop for markets. Now, what I find fascinating is just how much the narrative has gotten it wrong. Everyone's talking about deglobalization, how that would lead to inflation. Oil prices would be higher because their production just wasn't capable of meeting demand. As all of the transition happens, and all of a sudden, workers are going to cost more to do the jobs that need to get done. And what we're seeing is all of the exact opposite. Isn't that sort of remarkable? Is remarkable? Hiring for the last years has been surprising. We've hired more people with slower gd GDP growth in the US than in history, and now that's coming the other side. And you know, the Saudi's and Opek wanted to keep oil prices higher, right, but they were unable to do so. They were originally willing to cut back production. So there's a lot of things where people, you know, think they can control market. And just to add one more thing, expectations in China and Europe are so low that they can't help but contribute, I think, to the growth story. Sometimes in twenty twenty thirty four, this was great. You should get a podcast. You do that all the time here podcasts. Yeah, we can do another one. Why not? What should we cod it? Help and glue something like that. We just call it sloth and grow or what was the other oh forget okay, but it was good. It was like drive, It's awesome. That's his work time for that. That was the whole thing. I mean, that's the bet that we have going on. That's great, David, Thank you and thanks for sharing you around with us as well. My great pleasure. Depending then, a city glob of waff looking ahead to next year, is the FED put back? There's no better way to answer that question than speaking with a former FED governor, Randy Krasner, professor of economics at the University of Chicago Booth School in Chicago, joining us. Now, Randy, do you believe in this idea that the FED will cut rates aggressively next year simply in response to disinflation, even if it is not accompanied by weakness. So, if they've reached their goal of bringing inflation down to their two percent target, they'll be happy to bring rates down. But I don't think they're going to get to their target anytime soon. I look, Governor Crasner, and I know you had a recent meeting where the Booth School graduate John Stadzinsky, in all of his work now at PIMCO as well, but what the John Stadinski world is about a global sense of we're all in this together. That's been the hallmark of his work for years. How linked now our central banks to develop a constructive disinflationary trend. I think that's right. I think you saw that once the FED took off raising rates fairly aggressively, that the major central banks in the world did the same, so that they kind of played from the same playbook because they were experiencing inflation in a similar way, which suggested that at least part of the inflation wasn't just due to what central banks were doing, but was also doing to some of these broader global supply chain factors. And we've seen inflation come down, we've seen them move down together. But the FED is is really the big player, and so it tends to be that other central banks will follow what the FED is doing. But of course there's some discussion across the central banks, but the Fed's got to do what it's got to do for the US economy if we are the big player. And I guess this is off the job report tomorrow on the American exceptionalism of strong nominal GDP better than good fiscal stimulus. You know, we all know the story, But the answer is we're dealing with the technological excellence. Does the FED pull that into their debate? That's one of the debates about productivity, and because if you have high productivity growth, it's perfectly fine to have high wage growth and not have inflation. But if you have low productivity growth, you can't sustain high wage growth without there being inflation because the costs are going up relative to the outputs. And so that's one of the debates. Are we going to see productivity continue to be strong as we have over the lastree quarters? Is that the main reason? Ready, you don't think we're going to get to the Fed's target. Oh, it's I think their whole variety of reasons. I think you've got expectations that never went up very much for inflation, I think to the Fed's credit, so that never really lost credibility as the FED did in the late nineteen seven in these early nineteen eighties, but I think it did lose a little bit and people have kind of gotten used to asking for a little bit more in wages, and they also have to make up for having lost so much in real terms inflation adjusted terms over the last couple of years, so I think there's going to be a catch up in wages. I think nominal wage growth is going to be above the inflation rate as it has been over the last few months, and that means at some point it will be less exciting for firms to be hiring and holding workers. The employment rate will move up, and as you know I've mentioned before, I think we'll probably have a hard ish landing. Not a hard landing, but hard ish. So if you talk about the nodes of inflation that are stick here that are going to be concerning to the FED, that aren't going to allow them to cut as aggressively as some people are currently pricing in Is it particularly the service sector. Is there an area of inflation that you're focused on to sort of signal what you're talking about. I think the FED is going to be laser focused exactly as you said, on services as well as on the key thing that will be driving services inflation, which will be wage growth, particularly wage growth relative to the inflation rate, which until recently, until really maybe four or five months ago, had been wage growth, nominal wage growth was below the inflation rate, and now nominal wage growth has been above the inflation rate. It's great for workers because they're getting increase in real wages, but that means that firms are going to be a little more reluctant to to higher Randy, our lower prices. If oil inflationary or disinflationary, well it certainly for headline inflation it's lower. It helps to lower the headline inflation rate. But as we know, the oil prices have gone down, gone up, down, down, and so the FED kind of looks through that, and that's one of the reasons why they look at the core numbers that strip out the more volable food and energy sectors. Randy, you're one of our giants in financial economics. Where we are right now? Is it out of the textbooks you learned from or post pandemic? Is this all original? Well, I wouldn't say it's all original, but it's at least a little bit unusual. The amount of supply chain disruption we had. Pandemics so far have only come from along once a century, and hopefully it will be another century before we have another one. And we've also seen an unusual resilience, not only the US economy but elsewhere to very significant interest rate increases, and so that's a little bit off of the traditional playbook. Is it a whole new playbook, I'm not so sure yet. Certainly it's pushed the existing playbook to the edges. Professor Krasner, thank you so much, Randall Krasner, the former governor of the Federal Reserve System. Paul sank joins right now foundered lead analyst at Sankie Research with one of the most red notes on the street. Paul, I want to go to the madness of nineteen eighty six. I'll pack absolutely blow it in nineteen eighty six with a price plunge. Can we get a redux on that again? And particularly with the new American production of oil, it's not eighty six now. And by the way, it's a pump jack and leap to think about the joke. That's kind of more realistic. As you use your swimming pool to store oil that you need a can tango. You need can tango for that swimming pool trait. And we're in vanquidation. So eighty six is not the right one, to be honest, Tom. It's that was when opek increased into the Asian financial crisis, and it's quite the opposite here. What we've got here is a twenty fourteen, probably not a twenty twenty, but in both cases that's where Saudi flushed the market essentially because they got frustrated with cutting back and cutting back production to maintain prices, such as twenty fourteen being the really excellent example. What was happening is they were losing market share, particularly to Iran, which was coming back through sanctions, and you had, of course the growth in US production that was squeezing Saudi from the other side. And then in fourteen they essentially couldn't get the rest of OPEC to agree with them. They dumped the market. They flushed the market. We went in a straight line from one hundred and ten in summer to fifty twenty fifteen January, so in six months we went, we've cut in half and then we bottomed again. If you remember in twenty sixteen, I don't think COVID you know the twenty twenty market share wall, which was more extreme. Sadi went to an all time high level of production in twenty twenty, which was in April twenty twenty, which was truly praised in a lot of ways because of course it made for negative oil prices in the US. But here you've clearly got a situation where Saudi has cut production and is facing a very strong demand environment. So it must be extremely and in fact an all time record demand environment. It must be very frustrating for them to be losing market share to Iran and as John mentioned, to an absolutely booming US industry. And I think everyone's turn negative oil, not least because the US has accelerated this year into the second half in terms of production and you know, taking more market share from Saudi. So our concern is that Saudi said they'll push through Q one with cuts, but by the time you get to Q two and if demand isn't strong enough seasonally, you could see Saudi dump the market and try and make everyone honest again. So you know, that's I think that's the analogy. Paula. Just want to be really clear about where we are right now. There's a lot of people trade in equity as a columnists making recession calls. You think this is about supply and not demand right now currently, I don't know how you can get higher demand than all time record demand. Now. Having said that, because we're one hundred and two point five million barrels a day. We're at over one thousand and two hundred barrels a second of demand, so demand site's pretty much good. And China's been pretty good in the second half too, which was always the balancing item in terms of bullishness and oil. And keep in mind, of course, John, that it's seasonally a weak time for oil here, so we're dumping into the traditional post labor day weakness. And we'd actually think, whilst we're worried about the Saudi market share war, we can see a bounce here in oil. Distillate demand here remains very strong. It's cold this morning in Brooklyn, but more importantly it's cold in Europe. And you know, I think we're a bit over sold in oil here. Doesn't change the fact that we think there's a structural problem in the market, which exactly as you say, is too much supply and too much better capacity. Particularly well, but Paul, I want to just develop. You think that were over sold here, and you think that there is a good chance that Saudi Arabia flushes the market, increases, production goes away from some of those cuts, as you said, make everyone honest again. In that case, how low could prices go, well, it's an interesting question because what you're trying to do at that point is shut down US supply growth, and that becomes the knotty debate, that's the analysis, that's the Permian question, because of course what Saudi's trying to flush at this point is going to be excellon Chevron Conicco. You know, it's not your old school emp's with a lot of that kind of collapse at the first side of trouble. And of course all these companies have basically planned at sixty dollars maybe less in terms of what they're doing, and have growth targets that they want to meet. So I think it's going to be a more inelastic supply side for the Saudis to attack. Additionally, in twenty five we're adding eight FPSOs that's a floating production and storage vessel, which are very big in places like Guyana, Senegal, and those are very priced and sensitive as too. That is to say, once you've built your huge production vessel, you don't shut it down. Because I was at fifty So it's a pretty it's a fascinating market. By the way, Tom, going back to eighty six, the whole peak oil question is like what were you talking about the supply side. The supply side has got excess at one hundred and two point five million doles of their demand. It's like what I think, a lot of bit of technology and AI. Actually, seriously, I'm very proud to say I didn't believe in peak oil for one minute. That's maybe one thing I got somewhat right. Paul, we see mister Putin on a junket to Saudi Arabia or Muhammad ben Salman. What's a dynamic there? Does the Saudis tell the Russians what to do? In the Paul Sanke world, I think they ask them for help, for sure. The problem is the Russians lie, right, I mean, whatever they say is like whatever they say, I don't know how much they really do. It's possible that they realize that there's enough of a problem and that they want that relationship with Saudi to be good, that they do get on board. And I think it is very significant obviously the Putin's meeting MBS, because there must be some quid pro quo here. We suspect and we really don't know that. The Saudis have also asked the US to tighten sanctions on particularly Iran, but also Russia obviously, because those have been two other major problems for the Saudis. The US has essentially been allowing a lot of additional oil onto the market into an election year. We think that maybe the Saudis have said, if you tighten sanctions, will make sure the ol price doesn't get too high for elections. But of course then the camp next years to the Saudis really preferred Donald Trump. So you know, I'm not sure about that that speculation, but certainly there's been evidence the US has been tightening somewhat the Iranian and Russian sanctions, which would help Saudi apoor. Didn't they try that going into the midterms last year, tried to tighten sanctions or try to try to get the Saudis to boost output to get THRUD prices lower. Yeah, I think Saudi US relations have improved over the last year, for sure, and I think through the Hamas, you know, a nightmare, we've seen obviously a lot of work from Blincoln to try and get everyone back on the page. And of course it's said in the press that the NBS actually kept blinking waiting for quite a long time at a time when he was insanely busy, which I'm sure he didn't appreciate. So I think they're still sending messages that the original language of this administration, which you'll remember well before the election, when Biden was very negative about oil and very negative about the Saudis. They don't forget that stuff easily. But at the same time, they're very pragmatic people. I think they realize that the US is hugely important to them. We've had subsequently had security agreements between Saudi and the US. So it's really complex, and I think a lot of people are saying a lot of things to a lot of you. There's a lot of multipolar world going on here. I don't know how much they really truly love the Russians as well. I mean, the history of that relationship is nothing like the quality of the history of the US Saudi relationship. Well said Paul, appreciate the explanations this morning. Thank you, sir. You're one of the best pol of Sanki research joining us right now. Terry Haynes and Pangae are really timely discussion here. Staggering to January, Terry Haynes, the zeitgeist out there is OMG a red nation a Republican presidency, a Republican Senate, and a Republican House. Maybe maybe not. Where are we heading? Here? Are we heading to a Republican sweep? I think where we're heading is very much like what you see today, Tom Frankly, Whether or not the president is Democratic or Republican, I'd still give Biden Biden Trump race. I'd still give Biden a little bit of edge. So let's start there. I think what you've got is a Senate that is more likely to be marginally Republican majority and a House that's more likely to be marginally Democratic majority. So it's another version of the same thing. People will spend the next year winding themselves up about this, but the reality in Washington is, unless you have a sweep of all three parties plus a sixty vote majority in the Senate, which nobody's had for decades, not much changes. Do you see a Trump Haley ticket. I was asked at least three times this week about that. Is she running for vice resident? No? I think she's running for president, And you know, I think she's doing reasonably well. As I say, and as you well kindly headlined, six out of ten Republican voters don't want her. You know, even in the Trump numbers in early primary states, one third of those people at least are what pollsters call soft, in other words, willing to entertain other options. Iowa has a history of surprising. She's very much running for president and thinks that if a couple of breaks go her way, she might well get the nomination. And if that's the case, poll show today she do much better than Biden would do. So there's a path there for her, and you know she sees it and she's trying to seize it. Could you develop a little bit more what that path is considering the fact that Trump is still pulling in about sixty percent of Republican voters and she currently is it at fifteen percent. Well, the path is this. Firstly, throw out the national number. At no point in the presidential race is a national beauty contest number ever relevant. It's all about getting a nomination. It's all about primary states. You get down to the primary states, Iowa, New Hampshire. Now Trump's at about forty five to forty to forty five depending on the polls. So what you have is you've got fifty five to sixty percent that already don't want Trump. A third of those, as I say, or at least willing to entertain an alternative. So it doesn't take much to see the quick consolidation and the race that's already happened, combined with some Trump underperformance. Say, you know a lot of those people decide, you know, gee, cry what I heard from Christie's right, you know Trump's not really going to be able to govern or anything else, and make a break all of a sudden. What you've got in the in the first race or two is you've got a real race where Trump looks like he's underperforming and the not Trump field is coalescing' that's the race, Hayley sees. My only point is there's a much bigger chance of that than most people are willing to entertained, because I think, frankly they're blinded by the national number. In the meantime, terry, there's this question around the ability to govern before that, especially heading into the new year, given the fact that Kevin McCarthy is going to be stepping down the former House speaker who is going to leave at the end of this year, how much more likely, given the thin majorities, how much more luck likely does that make some sort of government shutdown. Well, you know, I think marginally, I think there's a likelihood that what you see either in January or February from House Republicans is some sort of a shutdown. You know, a lot of this vast majority of this course is performative. They're wrangling over thirty percent one percent cuts in thirty percent of the budget, so it's not as if they're taking an act to anything. But you know, what they'd like is some backtracking and spending. You've heard that from the presidential candidates last night, where you know, Hayley frankly proposed something Gill return to pre COVID levels. Then even House Republicans are doing so, you know they want to not in that direction, but you know there's not a lot of meeting that opens on the spending thing. Terry. The middle of July next year, the Yankees are going to be playing seven hundred baseball with Aaron Judge in one Soto. I mean, it's a no brainer right there. There's going to be a confab in Milwaukee to the convention in Milwaukee and frankly the Democratic equivalent. Are these going to be normal conventions? If Biden is the nominee. It's going to be a fairly normal convention. If Trump is the nominee. In the Republican Party, I'd predict kind of mass affections and even a temporary split in the party as a lot of people walk out and refuse to support. Not unlike in a very broad sense, not unlike what happened to Democrats in nineteen seventy two, where you know, a lot of the traditional Democratic coalition, including Labor, refused to support mcgovernor instead, you know, supported Nixon. I think you see a lot of that stuff. The other great unknown between now and Joel I is what happens with third party races, whether it be with Bob Kennedy, whether it would possibly be with Joe Manchin somebody else. I say, I think there's a huge restiveness in the electorate, and you could see a third party candidacy gaining buyer really quickly. When do we see the machinery to have a third party candidate? Is that a January event, an April event, or dare I say into the convention season? I think more like a March to April event. Frankly, that is kind of what the labels people have promised but more importantly, what No Labels has promised is the idea that, look, once things begin to take shape and we know whether there's a Trump versus Biden likelihood or not, you know, then we'll make a decision. So you're looking at Super Tuesday in early March, and after that I think you probably get a decision. Terry Hines of PANCHEA Policy, Terry, thank you. Subscribe the Bloomberg Surveillance Podcast on Apple, Spotify, and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern on Bloomberg dot Com, the iHeartRadio app tune In, and the Bloomberg Business app. You can watch us live on Bloomberg Television and always on the Bloomberg Terminal. Thanks for listening. I'm Lisa Abramowitz, and this is Bloomberg 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"We were able to successfully train a system that could predict reasonably the outcomes that you might expect to feel from an arbitrary profile. And today we utilize that to do recommendation in store." - Joshua MallettEver wondered about the DNA testing or the power of terpenes in shaping your experience? In this episode, Joshua Mallet of BudBoard takes us behind the scenes of Albuquerque's trailblazing cannabis menu service. Understand their AI-driven recommendation system to personalize your cannabis experience. From New Mexico's cannabis market and how they had to navigate around marketing regulations while still being able to talk about the effects to understanding terpenes, this episode is packed with insights. Discover how mood plays a role in picking the right strain and how DNA tests, raw data from C O A's, and terpenes have an impact on the effect of products.Tune in to hear more about what it takes to produce tailored cannabis![00:00 - 07:38] Trailblazing the Path to Professionalizing Cannabis[07:38 - 15:10] How BudBoard Evolved to Accommodate New Consumers and Effects-Based Marketing[15:11 - 22:13] Navigating the Regulatory Landscape[22:14 - 29:29] The Power of Machine Learning to Create Custom Cannabis Products Based on User Data and DNA Tests[29:29 - 37:24] Discovering Trends in Sleep, Anxiety, and Pain Relief[37:25 - 44:35] A Model for Consistent Cannabis Experiences Across State Lines[44:35 - 52:32] The Science Behind Cannabis Derived Terpenes and Botanical Terpenes: Are They the Same Thing?[52:32 - 58:54] Distillate vs. Extract & Budboard's Personalized VisionConnect with Joshua!LinkedinOr go to https://www.budboard.co/As the Chief Innovation Officer and a co-founder of BudBoard, Joshua Mallett is an integral part of a passionate quartet leading a revolutionary change in the cannabis industry. Following a sports injury in high school that led him to explore the therapeutic benefits of cannabis, Mallett grew fascinated with understanding the complex interplay between cannabis compounds and their varied effects. His obsession, combined with over a decade of entrepreneurial and technical problem-solving experience, drove him to co-develop an innovative data collection and machine learning platform at budboard. This tool draws correlations between the chemical makeup of cannabis products, their effects, and market appeal. Today, budboard is recognized for its distinctive expertise in the industry.

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LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

In this conversation with Eric Zandona we try to address one of the elephants in the room: can mezcal flavor be powerful enough to convert a non-believer? Are these plants communicating a full culture through a glass or is this just a blatant exaggeration? Eric has been lucky enough to have tasted hundreds if not thousands of spirits from all around the world and he was generous enough to try and tackle why this may or may not make sense.Find extra photos and related links at agaveroadtrip.comAgave Road Trip is Powered by Simplecast.  

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

In this episode, Osama Rizvi, dicsusses some important developments in oil markets and their effect on prices and overall global economy.LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

Ford to charge up EV drive with flurry of battery dealshttps://www.reuters.com/business/autos-transportation/ford-announce-new-battery-material-deals-investor-event-2023-05-22/- doubts about Ford's ability to actually hit their EV production targets- But do people even WANT to buy F-150?- Ford says its electric vehicle unit is on track to lose $3 billion this year.NATIONAL AVERAGE PRICE OF GASOLINE HITS PAUSE AS MEMORIAL DAY LOOMS- gasoline price are not as high as people thought they were- is this a silver lining on the inflation talk?- Distillate stocks are 1% higher than this week last year- "Implied gasoline demand, a proxy for retail gasoline consumption, fell 395,000bpd to 8.91 million barrels."- Work from home, even just a few days a week, has permanently removed demand- will we see depressed gasoline consumption over the summer driving season despite lower gasoline pricesCourt rejects challenges to FERC approval of Alaska Gasline planhttps://www.ogj.com/general-interest/government/article/14293993/court-rejects-challenges-to-ferc-approval-of-alaska-gasline-plan- FERC approved the plan in 2020- 800 mile natural gas pipeline to bring gas from North Slope, liquefy it and ship it to Asian customers- The environmental groups objected, among other things, to FERC's failure to calculate greenhouse gas emissions that would occur when customers burned the natural gas.European Gas Prices Drop as Goldman Sees Fuel-Switching Floorhttps://financialpost.com/pmn/business-pmn/european-gas-prices-drop-as-goldman-sees-fuel-switching-floor- "Mild weather and a steady flow of liquefied natural gas have contributed to the decline as Europe recovers from its energy crisis amid severely curtailed pipeline flows from Russia. Stockpiles on the continent are now almost 66% full, well above the seasonal average"- But Goldman could be wrong. Hydropower is still down from last year's drought. Chevron Doubles Down on Shale With $6.3 Billion Dealhttps://www.wsj.com/articles/chevron-to-buy-pdc-energy-in-6-3-billion-stock-swap-d8835eee- Chevron getting acreage in Colorado but perhaps it can more effectively navigate regulations than smaller PDC This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Welcome back to All Things Whiskey Podcast!  On this episode Mitchell "The Tongue" Nester hosts our team at Branch and Barrel distillery in Centennial Colorado.  Join us as we find out why they call Mitchell "The Tongue", what he does for the distillery, the history of Branch and Barrel, unique cocktails that they offer in their tasting room, and we sample a flight of their awesome experimental expressions!Branch and Barrel is taking their young bourbon, rye, whiskies, and other spirits (like a Plumwood specialty distillate, an Agave Spirit, and Rum) and doing incredible and experimental things with them.  Listen in to see how they put unique twists on these expressions and how they've even fought the TTB over certain designations.  Thanks so much to our friends at Branch and Barrel and a huge shoutout to Mitchell for joining the show!  If you're in the area, be sure to check them out and at the very least build your own old fashioned in the tasting room!Cheers and keep drinking tasty whiskies!  Support the show

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

Senior USAC distillate reporter Craig Ross joins host and blend stocks reporter Jason Metko, to discuss the US Atlantic Coast region's imports and supply averages in the current times.

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

I read from distemper to distillate.     Canine distemper https://en.wikipedia.org/wiki/Canine_distemper Feline distemper https://en.wikipedia.org/wiki/Carnivore_protoparvovirus_1     Distemper Painting https://en.wikipedia.org/wiki/Distemper_(paint)     A couple links about distilling rum and one of the ingredients is molasses! https://www.montanyarum.com/blog/2019/5/17/the-rum-distillation-process https://openrepository.aut.ac.nz/bitstream/handle/10292/12207/MulyeS.pdf     The feature length animated film I'm helping to produce, "Unplugged" https://www.imdb.com/title/tt14449482/     The word of the episode is "distill".     Theme music from Tom Maslowski https://zestysol.com/     Merchandising! https://www.teepublic.com/user/spejampar     "The Dictionary - Letter A" on YouTube   "The Dictionary - Letter B" on YouTube   "The Dictionary - Letter C" on YouTube   "The Dictionary - Letter D" on YouTube     Featured in a Top 10 Dictionary Podcasts list! https://blog.feedspot.com/dictionary_podcasts/     Backwards Talking on YouTube: https://www.youtube.com/playlist?list=PLmIujMwEDbgZUexyR90jaTEEVmAYcCzuq     dictionarypod@gmail.com https://www.facebook.com/thedictionarypod/ https://twitter.com/dictionarypod https://www.instagram.com/dictionarypod/ https://www.patreon.com/spejampar https://www.tiktok.com/@spejampar 917-727-5757

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

Russian oil trade remains in ship-shape as the EU price cap has failed to stem Moscow's freight and insurance income, analyst sayshttps://markets.businessinsider.com/news/commodities/russian-oil-india-china-not-cheap-shipping-fees-kpler-analyst-2023-1- "Debunking number one, no one really knows the price of Russian oil"- Urals blend may be priced at $38/barrel (less than half price of Brent) but now Russia is selling all these other services to go along with it like insurance, shipping, etc. so they could be making $60+/barrel with all the other services rolled in.Yellen says setting price caps on Russian refined oil products 'complicated'https://www.reuters.com/business/energy/yellen-says-setting-price-caps-russian-refined-oil-products-complicated-2023-01-21/- "Western countries are working to structure price caps on Russian refined petroleum products to ensure continued flow of Russian diesel, but the markets are complicated and there is a chance things do not go to plan" - Multiple different products make it harder to implement a price cap, apparently- European Union diesel ban comes into effect Feb 5- Yellen thinks crude oil price cap is successful so far because price for Russian crude oil dropped and Russia says its revenue is down -- but is it really?- There are so many ways to get around the price cap.U.S. energy head warns Republicans oil bill would lift pump priceshttps://www.reuters.com/world/us/us-energy-chief-warns-republicans-that-oil-bill-would-raise-pump-prices-2023-01-18/- Is this bill even a threat? This is posturing. Biden will just veto the bill and Republicans don't have veto-proof majority to override it.- Doesn't make sense to put SPR releases under purview of Congress. Congress would be a terrible body to have approval authority over SPR releases.- President should have authority to make these decisionsWhite House Aims to Reflect the Environment in Economic Datahttps://www.nytimes.com/2023/01/20/business/economy/economic-statistics-climate-nature.html- Idea put forth at the WEF by John Kerry, so it's unlikely to go anywhereDr. Dean Foreman from API: Monthly Statistical Report AND Quarterly Industry Report- US consumed 25 million bpd of petroleum- Part going into materials and petrochemicals was up- EIA growth estimate up to 1 million bpd but IEA now estimating 1.9 million bpd of demand growth: different expectations for China's growth. Europeans anticipating shortage of natural gas and expectation they will replace this with diesel- EIA estimates growth from US primarily. But API says growth flatlining. No tailwind coming from DUCs. How will we get 1million bpd growth? ANd where is growth from other non-OPEC countries? Less clear when this oil will come online.- Less international drilling, more investment but costs are up. Despite weaker economic forecasts, oil demand is still strong- API data focused on why production has been held back. Comparison with natural gas. Nat gas production is at all time high, exceeding pre-pandemic levels. Why? Gas has been led by Louisnana and Texas, which are conducive to gas drilling. Oil has more headwinds. Colorado stifling, New Mexico, Wyoming, North Dakota - drilling is all weak compared to pre-pandemic. Federal moratorium is a big issue for NM, WY, ND. Inability to build intrastate pipelines is hitting oil production.- Appalachia should be the largest source of natgas in US but can't get Mountain Valley pipeline online even though it's mostly built! Finishing the pipeline would totally.- Marcellus area natgas is prices nearly a dollar less than Henry Hub for next year. Why? This is big discount and is impacting the economics of natgas development.- DUC issue is indicative of workforce limitations. limited completion crews so people making decision to keep completion crews on rigs that are operating because they might lose it?- DUCs are theoretically the cheapest way to get product to market. News from Permian - changing how they are drilling, reshuffling. Is it economic?- Distillate stocks increased for 3rd straight month. Are we in the clear? Concerns aren't totally alleviated but we are 33 days of supply as a nation (was 25 in October). Real question is how to get distillate to Northeast. Relatively warm winter has helped because more time to get diesel by rain and truck from midwest to northeast. Especially since imports from Europe are down.- US net exports (crude oil and refined products) record for December - EIA projections for exports think that US will have surplus in Q1 2023 despite huge exports every month in 2022. How does this work?- Fundamentally, the market is tight. US products are in demand, let's make sure we are supporting US production in ways that are consistent with the promises we've made to our allies.https://www.api.org/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/

LEARN MORE: Visit us at http://www.primaryvision.co to learn more about our products and services.  We track operators and pumpers by location and offer accurate basin forecasts for active spreads each and every week of the year.  We also track refracs, consumables, NGLs and cover unique macro data points that will help drive decisions.  Go here to subscribe: https://primaryvision.co/subscription-plan/Questions? info@primaryvision.co

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!Go here to get started! https://primaryvision.co/subscription-plan/

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!Go here to get started! https://primaryvision.co/subscription-plan/

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!Go here to get started! https://primaryvision.co/subscription-plan/

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!

[This episode was livestreamed on 11/13/2022 and has been edited to be more enjoyable in an audio only state]Talking Points: pet friends for VERY friendly pets, Shrekfest '22, distillate bubby, "you have to get dry whenever you get wet", DUI Joe, the demon door granny, joe finds a needle, cool caves off the tracks, tad the pumpkincuck, a live domestic dispute, making a portal to equestria, sandy bottoms, the idiot tax, midwest asian food, Joe Buckley was in charge of YOUR votes, hitchbot, cornfest 2022, gimpy pitbulls and the average american mallhttps://imgur.com/a/XPmCTRchttps://imgur.com/a/n5M0RkAhttps://imgur.com/a/TNWXQ3qhttps://imgur.com/a/vAWf8GBhttps://imgur.com/a/kJxFv2UCheck out the website for links to our shows on iTunes, GooglePodcasts and Spotify► https://lmtya.simplecast.com/► https://spoti.fi/2Q55yfLPeep us on Twitter► @LetMeTellYouPDOfficial Discord► https://discord.gg/SqyXJ9REmail or call me bby and leave a voicemail► letmetellyouabouttt@gmail.com►  ‪(413) 206-6545‬/////// SHILL CORNER ///////► https://www.patreon.com/LMTYALMTYA shirts!► https://represent.com/lmtya/////// SHILL CORNER ///////

Email us here at: info@pvmic.com for a free sample!Primary Vision Network is also offering access to our one-of-a-kind research portal via monthly and yearly subscriptions.Included in a monthly / yearly subscription:The National Frac Spread Count (updated weekly!)Oilfield Service analysis found nowhere else but here!Unique economic updates from across the globe!Bonus Company profiles, commentary and so much more!Go here to get started! https://primaryvision.co/subscription-plan/

The crude oil price is hanging around $90 and had the biggest down day yesterday since mid October. "There has been a quiet week in the commodities as investors are focused on the mid-term election. On one hand the OPEC+ disappointed the Biden administration by announcing a 2M barrel a day cut. On the other hand, we have heard a lot about inflation and high prices at the pump and the Biden administration has been putting out a 1M barrel a day from the strategic reserves," says Kurt Nelson.