I’d be really happy if they picked Mayo Pete for Secretary of Transportation. Regardless of his views or qualifications, having someone with actual political ambitions in the post should guarantee that stuff actually gets done. (My fingers are crossed for it to be good stuff.)
Unlike, say, Anthony Foxx, Pete is not just in it to become Chief Policy Officer at Lyft.
Today’s EIA report is interesting. Cushing weekly ending stocks were high, but still 10 million bbl below their all-time high. But the report suggests there is a lot of pre-committed storage space, presumably because production isn’t slowing down fast enough.
They agree with my view that the “negative spot price” is more or less a myth.
Futures traders and spot traders are fundamentally different. Someone who has oil to sell on the spot market is already plugged into the world of physical oil. They’re not going to suddenly realize they have oil that they need to store and nowhere to store it.