Posted on 02/07/2022 1:10:09 PM PST by blam
It’s probably not the endorsement Biden’s flailing administration wanted.
In a time when social networks have been swamped with photos of empty shelves from across the nation, Goldman’s head commodity strategist and one of the closest-followed analysts on Wall Street, said he’s never seen commodity markets pricing in the shortages they are right now.
“I’ve been doing this 30 years and I’ve never seen markets like this,” Currie told Bloomberg TV in an interview on Monday. “This is a molecule crisis. We’re out of everything, I don’t care if it’s oil, gas, coal, copper, aluminum, you name it we’re out of it.”
In a reversal of the event from April 2020, when WTI oil briefly hit a negative $40 per barrell as speculators paid others to take deliverable oil contracts off their hands as they had no storage for it, futures curves in several key markets are trading in super-backwardation – a structure that indicates traders are paying bumper premiums for immediate supply. The downward sloping shape in prices is generally taken to mean commodities are severely undersupplied.
The shortage of, well, everything has translated into record price of virtually all commodities: the Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures, has touched a record this year. That has been driven in part by surging oil prices, which have hit their highest level since 2014 and earlier today Brent rose as high as $94, assuring even more pain at the pump.
Separately, assuring even more pain for logistics, Bloomberg notes that diesel futures are in their strongest backwardation since 2008, excluding expiry days.
Additionally, all six of the main industrial metals traded on the London Metal Exchange moved into backwardation late last year, in a rare synchronized bout of tightness last seen in 2007.
Separately, Currie said that the world needs a global tax on carbon to reduce emissions, as ESG measures are a “blunt tool” that push up fuel prices too quickly, noting that for climate change, “local solutions don’t solve the global problem.
Tyson Foods Soars To Record After Hiking Beef, Chicken And Pork Prices By Double Digits
Brandonomics.
Is there even one part of the economy that is NOT a disaster under Biden?
It is probably because America has never had a loser president like this!
There was no white bread at my local WM last night (just a few loaves of wheat/whole grain), and I got the last package of hot dog buns in the entire store (the buns had been passed over because one of them was slightly twisted during processing, but they are edible).
Lots of other shelves empty, too.
Thanks, Brandon.
Trucker distribution centers are understaffed and are inlaces a couple days behind. Only a ,after of a weaker so before the entire system craps out.
We you go to war you go to war with it’s people. We’ve been under siege with this regime. It gets much worse.
And with that, this idiot destroys any credibility he had.
The bureaucracy and taxpayer fleecing industries are thriving.
There’s no shortage of liberal wokey horsecrap.
The scary thing is that Biden has managed to destroy the economy in his first year. He has 3 more remaining. How much more damage can he do? It will take decades to recover.
Russia did that!
Imagine an economy run by ignorant and spoiled children. Multiply that fiasco by ten. Then you’ve got Brandonomics.
“Separately, Currie said that the world needs a global tax on carbon to reduce emissions, as ESG measures are a “blunt tool” that push up fuel prices too quickly, noting that for climate change, “local solutions don’t solve the global problem.”
Says another scumbag who is completely insulated from any consequences that he so fervently wishes on others.
Too many dollars chasing too few goods.
No shortage of stupidity.
A tax on stupidity has been proposed by Bernie Sanders. He thinks we will become even richer. (Joking)
We are living the grand life of Soviet Union of the past.
People driving in Moscow, back in the good ol’ Soviet days, would all stop their vehicles when it started to rain. They would retrieve their windshield wiper blades from inside their cars and jump out to install them. The wiper blades were so hard to find, you had to leave them locked inside lest they be stolen when you parked your car somewhere. You only installed them when it rained.
Communism brings shortages of everything just like we are experiencing right now.
I went into an American grocery store Saturday that had no chicken.
Bare shelves.
No chicken.
In America.
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