Commodity Research Group (CRG) is an independent research consultancy specializing in base and precious metals, as well energy products. The Group provides research and general price analysis for these markets, along with advice to companies seeking to construct hedging strategies.
In this podcast, oil market experts Andrew Lebow and Jim Colburn discuss key fundamental forces driving oil prices in both the futures and options markets.
About Your Hosts
Andrew Lebow has been involved in the energy derivative area since 1980. He began his career with Shearson Lehman Brothers where he worked in the initial formulation and marketing of the NYMEX WTI crude contract in 1983 as well as the NYMEX gasoline contract in 1985.
Mr. Lebow has appeared before the State Government of Alaska as well as the State Department of Defense to discuss hedging techniques. Mr. Lebow is also well known as a market analyst and is quoted frequently in the financial press. He has appeared on television on CNBC, NBC, CNN, CBS, and PBS. Mr. Lebow holds a BA from Lafayette College and an MBA from the Kellogg School of Management at Northwestern University
Jim Colburn is a futures and options professional with 30 years of wide ranging experience in commodity markets. For much of his career, at Man Financial (1989-2011) and Jefferies LLC (2012-2013), Mr. Colburn worked with major integrated oil companies, hedge funds, pension funds and other entities to develop market hedging and trading strategies.
He has conducted trading, hedging and risk management workshops in energy markets worldwide.
Mr. Colburn is a published author on options trading, hedging, market making and risk management. In 1986, while at the New York Mercantile Exchange, Mr. Colburn helped develop new markets in energy option contracts by educating the oil industry, banks, floor traders and brokers, worldwide.
This is Jim Colburn of Commodity Research Group. I’m with Andy Lebow also with Commodity Research Group and we’re here with another edition of energy markets.
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Today is December 2nd.
Good morning Andy.
Good morning Jim. We have a, an OPEC meeting staring us in the face December 5th. What do, what do you think?
Yeah, well it should be a, uh, it should be an interesting meeting. There’s a lot for the OPEC ministers to discuss. You know, they’re going to go over the fundamentals and, uh, we will to actually, and this is going to be a lot of talk about condensates, I can’t remember, uh, an OPEC meeting where, uh, you know, the headline, the headline headline news has been, uh, condensates for, for our listeners, condensates are, are a light crude, very light crude and uh, condensates can be used to, to run through a certain refineries, uh, to make refined products and petrochemicals. It is crude like, and uh, is not included in, uh, most of the OPEC quota numbers or target numbers. However, it is included in the Russian numbers and the Russians are beginning to, uh, block, uh, uh, at that inclusion at that inclusion gym.
So that’s, um, that, how much do you know how much Russia, how much barrels a day this you’re talking about?
Is this, well [inaudible] yeah, it is significant because there condensates are probably 500 to 600, 600 a day production. I think they’re really looking at about two or 300,000 barrels a day on this, uh, on this quoted deal, man. Maybe more than that. But you know what, Jim, the Russians are right. Because the, um, as I said, the, the other OPEC producers don’t have condensates. They’re, they’re in the line called, uh, OPEC, uh, NGLs and other OPEC, and they’re, they’re not crude. So, um, you know, the, this number is pretty significant because the, the Saudis have, uh, come into this meeting hoping to, uh, have, uh, have an agreement to either reduce production by 400,000 barrels a day, is the number that’s being floated there. And to get the Russians to continue to, uh, reduce the, continue to comply with, uh, their number and the Russians don’t want to do it, you know, th th they’ll comply with their crude number.
Right. But I don’t think they’ll comply with their crude plus condensates number. Cause they’re ho they’re over now. Correct. They’re all over. They’re not, you know, they’re, they’ve, they’ve complied like three months out of the year when their pipeline went down. You remember whether the pipeline issue earlier in the year. So, so they have complied three months. They, you know, they’re, they’re probably 100,000 over, over their, uh, over their number. May maybe more, um, the other alternative is no cut and extend. I mean, this, this agreement goes out to March. Is that correct? Yeah. Wait, wait, is now, and so they could not cut anything in extend it. That’s another possibility. Yeah. The, I think that’s another, that’s definitely another pot. You know, first of all, who’s gonna cut a is always a big question on this. Uh, you know, when, when ministers get together, the Saudis have been shouldering more than their share on, uh, on production.
You know, they’ve been well on their, what their, their target is, which is around 10.3 and they, they’ve been nine, eight, nine, nine, you know, so, so they, they’ve definitely been salt. They’ve been, they’ve been taking the lion’s share of the, of the OPEC cuts. And of course they also, uh, we’re fortunate that, um, Venezuela and Ron’s reduction of basically collapsed over the last, uh, two years as, as we’ve, as we’ve discussed. So that, that’s helped the, uh, OPEC ministers, OPEC ministers as well, they’re going to ask Iraq, uh, who’s probably like 50 to a hundred over where they should be to caught. And they’re gonna ask Nigeria to cut. Maybe they can get 50 out of each, maybe. Uh, so this a hundred and, you know, the Russian side, I don’t think the Russians are going to cut anything. You know, they’re going to try to finesse this a condensate issue.
They’ll just redefine it. Yeah. Just read the fine it. So, um, so as a result, you’re going to get more production out of Russia, not less. I think, you know, going, going forward. So Andy, what do you see in a couple of days as the outcome of this, uh, OPEC meeting? I think that they are going to be able to affect some mild modest cut, maybe like two to 200 to 400. I’m not sure where the Russians are going to come in. You know, maybe they’ll, maybe they’ll do, uh, something, you know, try to finesse the whole, uh, the whole condensate issue, extend the, uh, extend these till, extend the cuts till June and, uh, get out of there. And I think that that would be a, probably the, you know, th it’ll be the run change or a modest cut. And, um, you know, then the, then they can get out of there and the market’s going to be, you know, market’s not gonna like it, but you know, the, the, the issue Jim, is that the first half is going to be problematic for the ministers.
You know, they know it, the market knows it. The demand for their crude is probably between 750 and a million barrels a day below what they’re going to produce. So, you know, unless they’re going to cut a million barrels a day, we’re looking at a surplus in the, in the first half and a second. If they can get through the first half, the second half looks a heck of a lot better, you know, the second half looks balanced to it, to a draw. So, you know, they’re real, they’re real issue here is trying to get through the first half of, uh, of 2020. So when you talk about, part of the issue is a non OPEC supply. So let’s, let’s just talk about that for a second. We have a, it looks like somewhat of a surge of, uh, maybe two, two and a half million barrels a day of non-OPEC supply coming on.
Right, right. The, uh, the IEA has around two point I, the big three there. Most of them are over 2 million barrels a day. And, uh, this year, uh, or next year, 2020, it’s not going to be so much from the U S and we’ll certainly talk about that in detail, but you know, we’ve, we’ve got new supply coming from Norway and Brazil. These were, uh, as a result of, um, long plan to offshore offshore fields. Uh, and uh, we’ll also probably see more barrels. We’ll, we’ll see barrels coming out of Guiana where, um, Exxon has, has made a big investment that that’s gonna pay off in 2020. [inaudible] is going to go from like zero to, um, you know, over a hundred thousand barrels a day. And Exxon is talking about that’s that and production ultimately being 750,000 barrels a day, you know, during the, uh, during the 20s. So, you know, this is all, you know, Brazil’s bumpers actually just beginning to come through. Yeah.
You know, we talked about that. It took a while, but they’re beginning the, you know, they’re finally beginning to come through and um, you know, Norway is definitely, you know, that’s happening. Yeah. You know, I kinda, I kind of thought Norway was getting out of the oil business, but, uh, they’re, they’re ramping up in the North sea right there. Rail pick up, you know, they had a major, a major discovery, uh, you know, these, these are projects that have been long planned and they’re, they’re finally coming to, uh, they’re coming to fruition. So the, the first half of the year we’re going to see a pretty big increase, you know, and that, and then, then we’ve got the U S cause we’re going to increase production too, but not quite as at as rapid a pace as we did in 2018 and 2019. So let’s, let’s talk about those U S numbers for a minute.
I mean there was kind of a big increase in the U S happened in the last, what, four or five months? Yeah, the last since January, you know, I think the January number was um, the January U S crude production in January with something like this. Uh, it was 11.86. Now we’re now at 12.9 with the 12.9. So we’ve already gone up a million barrels a day this year. Uh, um, the, and that’s just crude, that’s, that’s not, um, and NGLs to have, uh, have exploded, uh, as a result. So total liquids are way up and right in 2019 for 2020, though if you take right now the, the, we’re at 12.9 million barrels a day of, uh, of crude. The EIA is saying we’re going to go, you know, 13, 13 lawn. They think December is going to be pretty high. I don’t know about that. But uh, their, their December number is 13.1.
So they think there’s another 200,000 a day to go in December. But then next year they’ve got first quarter at about 13.2 and second quarter at 13.3 and then plateauing at 13 three. So we’re, we’re not going to see, you know, everyone’s throwing out, Oh yeah, us production, not everyone, but you know, if you look at the year to year, you know, it’s over a million, but the year to year includes the low numbers from the first quarter of 2019. If you go from right today, you know, the numbers are going to, the numbers are going to stall. And some people, you know, there’s some estimates that have us growing only 400 year to year, which would basically be a decline. Right. Uh, you don’t see that though. Uh, I really don’t see that. So is this, is this as a part of this is due to new pipeline capacity getting out of the, uh, getting oil out of the Permian area?
Yeah, definitely. You know, the, the, um, uh, differentials have have narrowed in and, uh, you know, PR now you can get crude to a market and you’ll be able to continue to get crude to market through. Um, you know, through the, the, you know, probably through most of 2020, you know, things look pretty balanced to maybe even a slight over capacity on pipeline. So, um, you know, the other, the other thing that’s facing OPEC gem talk to you about, um, us producers is if the price goes too high, you know, that’s going to bring up, that’s going to bring on more supply. Right. You know, particularly in the, you know, if the back of the curve, um, you know, 20, 20, you know, second half, 20, 20 or 2021 starts really, you know, rallying sharply, you know, we’re, we’re definitely gonna see more hedging. Right, right. And that, you know, that that’s going to bring more barrels. I mean, you, you re some people say, Oh, it’s the end of the Permian. Uh, I don’t, you know, it’s definitely not the end of the Permian because you’ve got, you’ve got Exxon and Chevron in there and locks. He’s got a, you know, axes. He’s gotta pay for Anadarko. They’re in there too.
Yeah. I think it’s always been a, you know, when you think about an oil coming to market, it’s always been a function of price and, and uh, it’s amazing how much oil you find when the prices are at a hundred and how much you cut back using it. And then, you know, down around, well, what do we get down to $29, uh, on the decline, how oil production it stops, it goes down. I think it probably won’t run out of oil. You know, it’s just a question of how much at what price, at what price and how much. Right. You know, but you know, the majors have obviously a vote much higher, much, um, deeper access to capital and, uh, you know, they, they’re going to keep, they’ll probably just keep drilling. Uh, I think it, what it is, uh, I think what we’re going to see is those smaller independents, uh, are going to have to merge or just go out of business. Um, and I think that’s, you know, that’s what we’ll start seeing in 20 and 21 then if prices remain in the, in the fifties, you know, we’ll probably see some larger players continue to be in there.
So you said that in the second half of 2020 things look better. And when we talk about better, we mean more balanced, more balanced in w that must mean demand, you expect demand to be, I think some of the numbers that, um, from the big three, well they’re all over a million. Right? Right. I think the EIA is one, three, 1.37 increase over overnight, over 2019. And OPEX the lowest that plus 1.08. So, right. And you have, you know, in the second half your demand increase the seasonally, you know, in the first half you lose some demand in the, uh, you know, in the, in the, in the OACD. Yeah. What could help them in the first half. Obviously this is, if the winter is, uh, you know, if we’ve got a very cold winter, that would certainly help, you know, that that’ll add, uh, you know, that could add a few hundred thousand barrels a day, if not more. If it’s a friger winter, if it’s a mild winter, you know, that, that’s, that’s definitely challenging. And you know, that, that’s still, that’s still a factor. And of course we have the, uh, IMO 2020 coming up, which we’ll, we’ll discuss. But, you know, I think seasonally demand goes up in the, in the third and fourth quarter. Uh, and, and that will, you know, that, that’ll certainly help, uh, to, to balance it out in, in the second half. It’s just getting through the first half.
Yeah. I think, uh, and the others are looking at something like 3.4 3.5% growth worldwide. So that’s, I think where the IMF is something, something around those numbers. And, um, right now with, uh, you know, there’s, there was concern in 2019 that demand was, you know, not, not really robust. And since then or recently, we’ve, uh, we’ve seen some decent, uh, numbers out of China. Maybe they’re turning around a little bit. And also we had a, what was it, three cuts in the us interest rates. So, um, you know, maybe, maybe this is a little, maybe we’re not going into a recession in the U S and the world and maybe we’re going to pick up growth a little bit.
So, you know, and the Chinese petroleum demand, this actually better rip roaring. Yeah, very surprising. You know, you think just the opposite, but a demand has been, uh, has been really robust in China. Not so much in India, not so much here. I mean the U S has been, you know, we’re barely growing this year. Right. And so for 20, 20, what do you seen in China? Is it, are they still looking at like 400,000 a year? I think 400. Uh, you know, lately they’ve been, they’ve been commented, they’ve been ripping like six to 700, but I think three to 400. You know, the IAH and we, I know we discussed this at an interesting analysis where they thought that the trade Wars had cost a global GDP, like I think it was 0.8% and that translated to 400,000 barrels a day of, uh, of demand growth or demand, um, that was lost. That was lost. Yeah.
Well that’s it. I was just telling you, you know, we were talking about this before, but, um, you know, the oil words world’s turned upside down. We’re, we’re in a a week where OPEC ministers are talking about their policy and the market’s reacting to that a little bit, but the markets seems to be equally concerned about what comes out of the president’s tweeting account yeah. In DC. So it’s kinda, you know, if he keeps putting increasing tariffs and that, you know, dampens a GDP worldwide and certainly affects oil. And I think you see that, um, oil, oil prices, uh, show a positive correlation to the stock market. So, you know, that’s kind of their core. They do correlate, not, not, not 90%, but it’s somewhere, anywhere between like 20 and 40 at times.
So, right. [inaudible] you know, 400,000 barrels a day is a big number. I don’t, I don’t think it’s quite that big. You know, I think it’s, it’s probably two 50 to 300, but nevertheless, the 400 is right. You know, the, that’s um, you know, that’s a big number relevant to growth. We’re only growing one. You know, we could have grown one, three, one four. Obviously that’s big relative to total demand of over a hundred million. It’s not, it’s not huge, but these are, we’re talking in a marginal and you know, on the margin where the prices are determined. Right, right. That’s, that’s the main thing here. Right. I just want to comment a couple, make a couple comments on the world of, uh, that I spend a lot of time in, in, in that’s, uh, options. Andy. It’s been, um, you know, the, the, the, if you told me that looking back on this year, if you told me that, uh, we’d have a, an attack on the Saudi oil installations and that was not the high and volatility, I would say you would have crazy. But that’s exactly what happened. We had a September 16th of all was 46% in January. Second was actually the high 53%. And Jeremy was second. We, you know, we tumbled, I think we made lows on December 24th of last year. So we were coming out of a, you know, a bearish, uh, situation, which always gets a evolves pumped up.
Um, but still it was surprising to see it not rally. The other thing that’s been really, uh, sort of outstanding in the option world is that year to date, volume is down almost 30%. So in November of this past month, 93,000 options traded on an average daily basis. Year ago we had a big month. It was 278,000 and year two dates, one 26. So, you know, we’re going into an OPEC meeting and we can’t even generate option act. It would generate a little bit, but not, not a lot. So I don’t, I think it’s hedge funds stuff that’s moved away. I don’t think, uh, we’ve seen some money come out of that hedge fund world in the seat. Uh, commodity trading advisor world, but I’m just, uh, you know, I’ve never seen it like this in a long time.
Well, the market, you know, if you look at total inventories, global OACD inventories were pretty, you know, we’re an average shape where like one day supply below the five year average. So, um, you know, we’re, we’re balanced a little bit long. Uh, you know, you look at the price here and we’re right around where we’ve been all, you know, we’re average price for the year is right around here. And I’ve heard some of the banks say we’re, we’re projected for the next year to stay right around here. Yeah. You look at, you look at the numbers or you look at like the Reuters serve, you look at the surveys and, you know, we a dollar or two from here. Now mostly surveys are always wrong. Something, you know, something unexpected could happen or something geopolitical, which we haven’t spoken about. Well that’s right. You know, with, with OPEC and non-OPEC producers, you know, the, there’s still the Iranians, well, you know, we had just had an attack on Saudi lost 5.7 million barrels a day in September of uh, you know, production owing to an attack, probably financed or taken, uh, part by the, by the Iranians. And uh, you know, uh, I’m sure that, I’m not sure, but you know, we haven’t seen any, um, we haven’t seen any military reaction yet, but that’s, that’s a good, a good point. I just, uh, along those lines, if we have a, uh, if we’re going to have a surplus first half of the year, that would be a good time for the Saudis to replenish storage supplies or no, right. So kind of a T E w S depending on how much of a surplus we see, we may not even feel it in the market as it fell up. I dunno.
Yeah, that’s possible. You know, we also have, uh, demonstrations in Iran, Iraq, Libya just lost the, an oil field. Nigeria is, and particularly stable. So, you know, the, there’s an and Venezuelan production is not going up. That’s, that’s for sure. Um, and Ron is having some big financial problems as a written written about today in the, uh, in the journals. So, um, you know, and as we always say in these, in these things, it’s just, you know, we just named all that. It’s usually something else. Right. But you’re not, you’re not expecting of course. That’s right. Yeah. As I say, I mentioned how option volume is quite low.
However, the January implied vows, 35.3, five 31 eight. So that’s not, you know, that’s, that’s like an average. It’s high. It’s high, but it’s, it’s, it’s average Val if you go back longterm, but it’s, you know, it’s, it’s, um, we’re going into an OPEC meeting so people aren’t, you know, even with these flat expected price movement, you know, same price. Today’s is expected to be next year. We’re not seeing people crush Val is what I’m what I’m saying fall. Right. Cause there’s a lot of, yeah, there’s a lot of little fire. They have little big could be big fires. Yeah.
Well all around, all around the globe.
Yeah. Imagine trying to sell a, an option selling strategy to your management after what happened this year. You know, it’s just, it’s really hard. I would presume that the heart to do that. So. Okay. So, uh, let’s look, let’s start looking forward. Annie, you know, there, there are lots of things that can happen. We’ve got the U S people have talked about the U S a fracking to act like an option or to dampen volatility because of price goes up, they produce more rice goes down, they produce less. Why don’t we talk, let’s, let’s, why don’t we talk about diesel for a few minutes in the, um, what do you see as the prospects for well, diesel? Yeah, the big question is a big question Mark. You know, with the IMO 2020, which should, could, uh, increase diesel demand by, you know, as much as a million barrels a day. Uh, the numbers are all over the place for how things are going to fall out beginning in January 20, 20. The, I guess the question is, you know, has the market already, you know, if they have things been, you know, have we prepared already? Are we well prepared? Uh, I think the is saying, yeah, things look fairly well prepared. Uh, for uh, IMO 2020, there seems to be ample lower sulfur product right now in, in the global shipping ports. You know, here in here in the U S it’s less of an issue because most, most of the, most of the shippers re refuel, refuel abroad. But the, the EIA thinks the IAA thinks that, you know, we’re going to be producing a lot of, a lot of diesel coming up.
Some of their numbers are just out of control for ’em you know, how much diesel and how many, how much crude runs where we’re going though a crude runs, what the crude run numbers going to be. I don’t believe any of the, uh, personally I don’t believe any of the numbers. I think we’re going to just produce diesel Willy nilly and export it. And I, you know, I don’t, I don’t see that diesel cracks me while it really come off here, uh, again indicative that things are, um, for now at least are, um, you know, are, are okay or ready to go for, uh, IMO 2020 of course manufacturing is, is ism yesterday was horrendous. I think, what is it, the worst sense that, yeah, whatever, 2012, 2008. So manufacturing is, is still problematic and that is, uh, you know, directly that’s directly for the directly compares to for diesel use, you know, for trucking and rail, uh, et cetera.
Now, inventories though, the good news is inventories here are low, particularly in pad one. So we get any kind of a spike, you know, if we get a really call winter, uh, you know, things can turn around quickly. However, again, the backwardation in front of the, the first two months has just collapsed in diesel. You know, it was, it was highly backwardated. Now it’s, you know, slight backwardation and gasoline, which, you know, that, that looks the us gasoline demand is completely plateaued pad one, stocks are average. And, um, you know, uh, and, and it’s gone into a contango. Now margins in Asia are crappy because of the high sulfur fuel oil is collapsed, not surprisingly. And there are new refineries coming on, so, you know, some big ones in, in fourth quarter and into, uh, into first quarter. So, you know, unless diesel really somehow spikes it, you know, it’s hard to see. The margins are gonna are going to improve all that much. They may, they make it worse, which is there’s, you know, I’ve clearly bearish for, uh, for crew. So if we’re making more diesel that’s not at the expense of gasoline, it could be at the expense of gasoline. Yeah. It could be, depending on what the crude runs. Slate is, uh, you know, the, there’s a lot of, there’s a lot of variables, but, uh, it could be at the expense of gasoline. We’ll see. The, the IAA thinks it will be, I don’t know. I mean, oftentimes we, you know, we say, Oh, it’s definitely, you know, gasoline’s going to get tight. I’m not sure. Jim.
Okay. So, um, let’s just talk about prices going forward. Do you agree with con? I’m going with that consensus of, uh, you know, six, I think you’re talking about $60 in Brent. Um, what, what, what’s your view? Let’s, let’s just go a month to six months out. What are you thinking then? You know, I, I wish Jim, I wish I really excited, you know, about, about the market, but you know, you look at, you know, you look at where the are and uh, you know, unless, unless the OPEC affects a, a miracle caught here, which I, I don’t see, you know, I really don’t see that happen or demand, uh, really surges. You know, it, it’s hard to see sustained upside for, uh, let’s say WTI, you know, in the mid sixties or Brent in the 70s, you know, then it’s just hard to see that, uh, you know, or uh, or there’s something, you know, the straits of Hormuz or some are blocked or, or you know, some, some geopolitical event, you know, it’s really hard to see sustained upside.
Alternatively, on the downside, I think that if we, that, you know, may, yeah. We could maybe get down to the low 50s or 50 in WTI sometime in the first half, particularly if it’s a, if it’s a balmy winter. So yeah. But below that I, you know, to get below that, we’re probably going to have to see big us production numbers, Jim, to get like way below 50, you know, you know, 40 low four 45 ish. Right. Um, you know, I think we’re gonna have to start seeing in first, you know, first half production numbers, like 13, three, 13, four or something like that.
Right. And then, um, I guess, uh, another somewhat unrelated question, um, would be the pricing of the, uh, Aramco IPO. And I’m not talking about this related because the Saudis clearly want, you know, they want prices to remain high. I mean, they, that’s, yeah. They love Brent that eight 80 is their magic number. Yeah. We’d all, we’d all, like, we all have a certain price in mind that we would like, but I would like the giants to win a game. So does it, do you think that changes Saudis a policy at all? They think they once, once this thing is out there or they continue to kind of keep these quotas going. And I guess my question is, would they, would they do the, uh, old fashioned sweating where they just kind of say, you know what, we can’t keep these frackers and other people back. We’re going to lower prices now. Now that we have a, we have some money out of, you know, Saudi Aramco, um, we’ve raised all this money. We don’t, we can, we can, uh, let the market drop and kick out a lot of these inefficient producers like it kind of like an old, old, uh, policies that they used to have.
You know, it’s, it’s always a possibility, you know, the, the, uh, things change in the, in the kingdom, uh, you know, the, the, uh, MBS and, and his, uh, advisers decide to go scorched earth. I don’t, I don’t think that’s going to happen. You know, as I said, if they could just get to the second half in one piece, they’ll, they’ll do okay. But if they can’t, maybe they, maybe they will decide, you know, what we want to shake out and we want to shake out the frackers. Uh, you know, we want to encourage, encourage demand the of petroleum. But I get the sense that they’re, they’re looking, you know, that they’re not gonna, they’re not gonna go that way. You know, I think, uh, MBS is a pretty forward looking guy and I think, you know, I don’t think they’re going to go that way. It’s, it’s nice when you, uh, you’re raising money for an investment in the eat with friends and family. You can, you can raise billions. Right. Right. So, um, anything else Andy, before we wrap this up? You want to know though? I think, uh, I think we covered a lot Jeff. Um, yup.
I was going to say we try to put these out on a monthly basis. We missed our last month due to our scheduling and um, we’re our next one.
What we tend to try to do them right after the EIA puts out its monthly oil report. Try to continue to do that. So look for us in January, probably the second for our next podcast.
Last thing, if you want any more information about Commodity Research Group, you can certainly get a hold of me at firstname.lastname@example.org. Or check us out on our website.
Yes. And we will also, in our consulting, we will provide specific trading ideas depending on what you know, the view, what the situation is. But we just don’t do that on a podcast because we don’t know who’s listening and whether or not they’re suitable for who’s listening.
All right, so we’ll see you next month.
Okay, sounds good, Andy.
Alright. Talk to you there.