actually underline what Michael has been saying about how the criticality of oil in this entire debate, it all rests with oil. And as Michael alluded to, I call oil an OPEX commodity. You compare and contrast that to CAPEX commodities like for instance copper, cement, etc. that are more based upon economic growth. Oil is an operating expense, right? So it is definitely demand inelastic in the short term. However, there is more demand elasticity in the longer term. So one thing to note is that on the day of the BOE intervention in the gilt market, you remember that we had a huge risk on market across the board. And that day, I basically tweeted out the following. I said, the plunge protection team is back today with the vengeance, re-injecting fed pivot hopium back into bonds and risk assets. But here's the rub, oil. If there is a real pivot, oil will moon and we will be right back to where we started. Now, let's examine the risk-rip today. What's interesting about today, I found, was (51/92)
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