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.
Good morning. This is Jim Colburn with commodity research group. I’m here with Andy Lebow also of commodity research group. We’re here to talk about energy markets along with Ed near Andy and I founded commodity research group, which consults on various aspects of commodity markets. Check out our website, commodity research group.com where we post our blog. And our podcast would also like to thank EKT interactive oil and gas training for hosting this podcast as part of their learning network. Ekt Interactive offers effective and affordable e-learning for companies and individuals. Their website is EKT interactive.com. This podcast should be construed as market commentary, merely observing economic, political, and market conditions, and is not intended to refer or endorse any particular trading system. We’re not responsible for any trading decisions taken. Inflammation is not guaranteed to be accurate. This is not an offer to buy or sell any derivative. Good morning, Andy Lebow. Good morning, Jim Colburn. We have a lot to talk about, so let’s get right to it. I want to start with, um, oil production in the u s the IEA came out with their five year projection and um, uh, fatigue. Uh, the barrel of the IEA was quoted as saying that the u s Brazil, Canada and Norway will more than meet demand growth through 2020. So that’s why my essay question to you, why don’t you just take that and uh, and uh, discuss it?
Okay. Let’s talk about, uh, us for direction first. Well, actually I think the first thing to talk about is our estimates because estimates can be misleading to say the least. You know, I went back a year ago to see what the Eia was predicting for 2018 production growth and they were looking at a growth of half a million barrels a day, and it’s just a year ago. Now they’re saying 2018 is going to be up by 1.4 million barrels a day or a million barrels a day difference in just the year. See Difference, a huge difference. So I think you have to be very careful with, with some of these, some of these estimates, you know, they look good on paper, but, um, you know, when it comes to reality, they can be as we know, quite different. And particularly with shale because shales, we though it was a very depletion is fast. So some of these numbers may look as though, oh yeah, we’re going to continue to grow and grow at this rapid pace. But you know, we have to, we have to continually be replacing this production. Um, now if you look at the US production also, they do tend to flatten out as we head into
the early 2021, 22. Um, you know, assuming they’re, they’re accurate. I, we’ve got a big boost this year and next year
I think it’s 500 or 600 growth and 400, 400, something like that. But a lot of this is going to depend on the economics. You know, where the curve is. Uh, you know, what, what hedges are, where costs are, what the economy is. So, um, Jim, I think we’ve learned,
right? You know, over over these 30 something years of watching these markets, you could give, you know, you can give the estimates, but you know, you’ve got to be, you have to be very careful. Yeah, show me, don’t tell me this. The Sera conferences going on as we speak in Houston and there’s a couple of, I took these quotes on the paper, so I’m not sure if they were quoted correctly, but I’m going to use them anyway. Um, Tim dove of a pioneer, natural resources was saying they have a $20 breakeven, um, you know, in, in the Permian. And then there’s a mark papa, former, a CEO, Eog says, uh, you know, the best locations have been a already tapped in North Dakota and south Texas. There’s a shortage of sand. There’s other problems, right? And so you’re getting a wide range. Obviously some of these guys are talking to her book, but you’re getting a wide range of commentary. So, you know, I have to sympathize with the, um, the excellent, uh, uh, fatigue and also the EIA. Um, what they’re trying to do is trying to hit a moving target. It seems, oh, these guys do a great job. I’m not, you know, it’s so hard, um, to, to predict
doc should is. And it certainly if they’re right, um, on us production, you know, the market’s going to be pretty well supplied. A, as we head into, you know, the balance of this year 2019 2020 a to 21, it’s just not a US production that’s expected to grow. But, um, you know, we’ll see growth out of Canada at a Brazil out of Norway. So non OPEC production is a, you know, set to grow. But then, you know, there’s, as we head into 21, 2021 and 2022, that’s when we’re starting, we’re going to start feeling the effects of the investment gap from the failure to invest because of low prices. And some of the big projects, there were hundreds of billions of dollars of projects canceled and um, you know, 2021 and 22. Um, despite that, the expectation of us production growth, um, you know, you’re, you’re going to start feeling these. So it’s not, it may not necessarily be a completely upward sloping curve as we head into the early 2020 [inaudible]
right. In the end. Um, what was that day that a peak demand supposed to kick in? And that’s a 20, 35 I guess it’s uh, 11:00 AM yeah. I just want to, so why we’re talking about all this oil production. I would expect to see prices dumping right now know they’re down. But I mean we’re like 61, 62 and a front month Wti, but they’re holding up.
Yeah, I think they’re holding off because the, you know, we’re, we’re at a place where inventories have been drawn down. Uh, you know, we’ve been talking I think on these podcasts about how we expected that stocks will, would draw. And indeed, indeed they have. And if you look at where we are on OACD inventories, where we’re very close to the five year average, you know, we’re only 50 million barrels above it. And if you look at day supply, these forward supply where maybe like half a day to a day, a above the five year average. So if you, if you look at where we are inventory wise, we are, you know, we’re around the average. And of course the other major factor is the growth in demand. Uh, last year, very strong year and demand growth and it was one, four, one five. I will have the same this year. So petroleum demand, this has, I think it’s strong enough, um, to really keep the market to keep the market steady.
I’m talking about a stock draws. We’ve seen, uh, Cushing stocks decline sharply recently. And um, can you talk about what, what’s going on there and the effect on the curve. I mean, you would expect this with Cushing, you stocks to go down so much. The curve to be a strengthening and yeah, weakening.
That’s really all. It’s really remarkable. It’s Cushing stocks, you know, if you’re on like 20 million barrels since the, since December, uh, on the pipeline problems and um, Canada, uh, the keystone pipeline, I think it’s still not quite 100%. Uh, and the new pipeline out of, out of Cushing. Um, so start as well as very strong runs in December and January and pad to, uh, so as a result, Cushing is really as strong as I said significantly. But you know, early in January, yeah, the, the backwardation stiffen the lot, but these last couple of weeks it’s come off a and m one m two month one a month two is really come off. Uh, and you would expect, you’d expect these things to be to, it’d be spiking up.
Amazing. There was a trade put on a and t I guess about a month ago, a, somebody bought him, um, about 10,000 a flat puts in three months going out. So, um, that, uh, that would be, uh, let’s see, it was April, May, may, June, June, July. So the buyer of these puts, um, is looking for or protecting against the market, going into a contango and, and um, you know, if you think about why they might do that, if, if this market starts selling off and all this, a fun business decides to liquidate, well the funds tend to be in the front end of the market, um, that, that could get a push through that flat, you know, front to back first month, second month, a flat area pretty quickly. Is that you agree with that?
Yeah, I think it could happen. I mean we’ve been talking about this net length for, you know, really, uh, last, not last week. So it’s the prior week. The, the, the ratio of log, the short was like 20 to one. I mean that is so off the charts in net length. So you know, the market is very long and I think, you know, it’s certainly possible that you got us, it will happen where we’ll see a very significant, uh, well last month we saw very significant sell off their pro and some of the net length did get, did get liquidated. And not that much. It’s 17 to one. Right. I think that could really, you know, pressure the pressure the front month and you might seek it down the flat or even contango.
Yeah. And even if they, uh, continue it to hold their length, they still have to sell the front and bind it next month out. So that also might put a little pressure on it. We’ll, we’ll keep an eye on that. Um, so go ahead you to say something.
Oh yeah. I mean that’s a, that’s obviously a big factor where the curves are, where that, where the, uh, where the, how the backwardation is a training, um, can, can cushion,
uh, like, uh, uh, through station. Now we were more interested in looking at the price of Wti in Houston, you know, as it reflects the export demand, um, is Cushing be like a footnote now? I mean, I know it’s a delivery point for the futures contract, so we’ll always have some importance. But, um, is it the, you know, stocks low enough it, I was going to be started seeing squeezes or, or uh, is it going to just decline and its importance?
I think as you said, Jim, it’s always going to be important because it’s the marker price delivery price. But yeah, I think Cushing is because if we saw this big of a decline, you would think that backward. They, you know, the first, the second month would be much higher than 10, 15, 20 cents. You know, you’d be thinking it would be a dollar a dollar 50. And I think some of that is, um, because yeah, Cushing has become a through station and a lot of it is because of the, the change in exports, you know, use it. Now the marker, the market is way more important that, uh, you know, in Euston and it will probably also in, in Louisiana, those exports pickup. So, um, it’s hard to say that, you know, Chris is going to lose its importance in the, in the global
global oil trade. Right. That is the marker. He has done a lot of volume to say the least. Yes. So, um, I was looking at today’s weekly numbers from the Eia and a, I know there’s a lot of noise associated with that and um, a couple of, uh, eye-popping, uh, uh, numbers that, um, I thought, uh, came out, we talked about already one was the production 10.3, six, nine 86,000 from last week, which is why the market’s getting hammered right now. Oh, it is getting hammered. I was okay. Yeah, yeah, yeah, that makes sense to me. Another one was, uh, you mentioned that we talked about it as the Cushing stocks being down, um, uh, despite a little built in oil stocks overall. Um, and the, the other one that I thought was pretty interesting was it was a demand. I mean, a total demand, it’s only two months, but we’re up 4.6%, or as, as they call it, the product supplied. It’s like an implied demand number of 4.6% from last year. Gas Gasoline up 4.8% in this lit up 5.5% this is a year to date numbers. So when you look at the EIAs projection of gas demand, it’s only up 30,000 for the year for 2018 over 17. Right? And yet it looks like it’s smoking hot right now. So what’s, what’s wrong with this? Uh, so, so by that reasoning you’d say, okay, the AIA has to raise their estimate for gas demand. What’s, what do you see wrong with that?
Well, there’s two things. One, probably some of this demand, they’ll get revise the way you know, when the monthly’s come out. The other thing is says last year, last January and February, demand was, uh, was extraordinarily weak, uh, because it was warm in the northeast so that that diesel demand and gasoline demand really was horrendous because the west coast was getting pummeled by like storm after storm last year. So west coast gasoline demand pretty much disappeared at, so you’re looking at comparisons to a very weak, uh, January and February. I think the IAA is actually right on their gasoline forecast. I mean, maybe they’ll raise it a little, you know, maybe they’ll raise it like 25 to 50 a day. Uh, but it does look like gasoline demand, uh, is beginning to plateau, at least here in the here in the u s last year was like, it was unchanged this year. They’re looking for very little growth. Um, and I, and I think that’s, I think that’s going to be right. Miles traveled, you know, even though it’s a record every month, it’s beginning to level off. Um, and pump prices are quite a bit above a year ago. Um, and of course, you know, the fleet efficiency, et Cetera, is improving at a less rate, at a rapid pace. But nevertheless, that’s another, uh, that’s another factor.
Yeah. I think, uh, if you look at per capita miles driven, it’s nowhere near records and, and, uh, you know, the baby boomers are not driving as much. And maybe when we were kids. Um, they’re all living in the city, so they don’t, they don’t drive either. It’s an interesting, uh, uh, style, uh, change.
Sure. Big Gasoline growth and like 14, 15, and 16, um, due to the pump, obviously prices are very low right at the pump, but you know, this summer, you know, you could, you could see $3, so you know, and the North County, California. But it’s possible if crude, uh, if crude picks up. Now one thing I wanted to ask you, Jim, is it looks as though, um, the petroleum markets are getting a little, uh, more tightly correlated with what some of the financial markets.
Yeah, that’s, you know, it’s funny you mentioned that cause the Eias monthly report had a, a couple of comments, um, on that exact thing they talked about how I think, uh, let’s see, what were my notes on this? The, the um, uh, correlation in, in January of crude oil with the SMP, uh, went from zero to a plus 0.3 in late Fed. So, um, you know, that’s moving from zero correlation to some slightly correlated. And then, um, I looked up the, um, I looked up the correlation for the last 30 days on the CMS, uh, a pretty cool tool that they have. And it was, it’s back down to plus 0.17. And, um, I also looked at the, um, core, the last 30 day correlation was crude and the euro, the dollar euro currency. Yeah. And it was just almost zero. So there’s, you know, despite what I read in the, and here the dollar move because of the, the, I mean, the crude move because the dollar move, it doesn’t seem to, I mean, it doesn’t seem to show up and at least in the last 30 days, um, so yeah, that’s a slightly quarterly, but you know, you just, I don’t think you could trade crude off off.
Maybe, maybe the big move and in s and p down, uh, would keep you from holding off buying lots of crude oil. But, um, overall I think they run on their own, uh, their own fundamentals. Maybe you go back to 2008, 2009, you know, we were looking at, um, the, the Thursday, uh, uh, jobs, numbers, the, the first time claims and, and the crude oil market was trading off of those numbers. So it was highly correlated back then. I’d say, uh, it has its moments, but mostly not very correlated. Leave a plus 0.3 isn’t that not, it’s not tradable. You know, that’s, that’s not a big correlation I think, you know, to, to me, if a market is somewhat balanced as, as you know, it looks like petroleum is for the moment, you know, some of these centers they moves can be just trading off the dollar or the other, the s and p or if there’s something that, as you know, both of us believe that fundamentals matter, you know, technical spotted.
But you know, I’m a strong believer in, uh, in fundamentals even though there been some articles of late about how, um, you know, fundamentals don’t matter at all. Yeah. Yeah. So I think I read that article back in like 1983 and 84 probably every, every year since they recycle it, for sure they recycle and to, so things, somebody else. I mean, if I’m a, if I’m a risk manager in and I’m looking at a fund and I, and I see that, you know, my, my, uh, currency guys are going, going along the dollar and my oil guys are short oil. You know, maybe I, I asked them to lighten up a little bit because there’s some correlation there, but, but, um, and possibly it goes into a very quiet, but last year in 2017, the, uh, the dollar was, uh, what was the weakening, uh, for the first half of the year in oil was selling off.
So it writes exactly, there’s enough, there’s enough times where they, they’re, uh, whether or not correlate or, or they’re, they’re, they’re correlated the opposite of what you think and, uh, to, to, uh, you know, he focused, traded on its own fundamentals, I think. Um, having said that, Andy, uh, let’s, let’s change pace a little bit. I want to talk about options because I’m really, there’s nothing much to say about options. And I track the most, uh, open interest option, option strikes with the most open interest. And believe it or not, with all this stuff that’s been going on, it’s the DCE in June 60 calls and the decent June 50 puts, which, which probably a developed most of their open interest over the past year or two years, not a recent activity. And there’s no like front month strikes. Last month we had about almost almost 50,000 on the 57 put in March, but we don’t see anything like that going on right now.
So it’s kind of like a, this little, uh, choppiness, um, uh, I’d say more of a lack of activities and, um, big stuff happening to change the structure of this marketplace. So, so basically if volatility is, it moved up to 27% on the, on the big move down and now it’s trading around 25%. And that’s compared to a 33% implied Vol, uh, for a long, long, since options began trading. So with that, I don’t know if you have anything else you want to add an options world, but, um, I think we move on to a, uh, gasoline stocks and dislet stocks.
Well, let’s talk a little gasoline and distillate and then we’ll move on to, uh, move on to OPEC. Terrific. Uh, the love fest that’s going on and use them, but it’s not really a love fest. Shale producers, the OPEC guys, I can’t imagine sitting down at dinner the way blow these guys doors off just two years ago and now they’re coming a hat in hand. Help us switch there. Obviously the shell producers or lack of Vr, what are they going to do? Right, right, right. They’re there for Hibita, uh, and any, uh, price, any manipulation on price. So I don’t see anything. I don’t see anything going there, but quickly, gasoline and diesel, um, I don’t really like gasoline very much. I mean, we, we’ve, the interesting thing on gasoline is there was a big shortfall after a Harvey, obviously. Um, and you know, we lost tens of millions of barrels of gasoline production. Um,
now, um, guests linked stocks have been more than rebuilt and we’re, we’re at a surplus to, uh, to average. Um, we’re at a, uh, right now we’re about a 10 million barrel surplus to the four year average. So, so, you know, we’ve rebuilt gasoline, uh, probably a little bit more than what, uh, the market, uh, wanted to see. Um, you know, it’s going to be incumbent on the export demand really to continuing because was, as we just mentioned, US demand is not that, it’s not going to be anything to write home about this year. Um, so, um, refiners are really going to need a strong export demand and to a certain extent that’s going to depend a lot on how Mexican refineries, um, produce this year of, you know, it’s Salina Cruz was out a lot of last year, their big refinery. Uh, so that, that’s going to be key for, uh, for gasoline.
Um, but you know, seasonally we are coming into the spring season, but we’re coming in with, uh, you know, with ample stocks. So I’m, I don’t really see anything all that interesting on, uh, on, on gasoline. And we’ll watch what the export demand. This. Obviously we’re in March right now. It’s a shoulder month and diesel looks a little better. Uh, diesel is in pretty good shape. I think the key is the key for diesel also is going to be exports. I think exports from the u s Gulf are going to pick up, uh, imports into pad one are probably going to, I’m probably going to decline. UH, European stocks grew, but they had an amazing called snap over there. So, um, you know, I think we’ll start seeing the, I think we’re going to start seeing diesel stocks. I’m looking for some further declines here, which is also seasonal, but I think diesel’s going to be well below last year and well below the, the four year average on, uh, on stocks. So to me, these diesel’s the one that, uh, that looks a lot better than, uh, than gasoline. And um, do you think runs or are bottoming here? I mean, yeah, I mean, yeah, I mean give or take there, there’s some problems coming back from turnarounds as there always are. But, um, you know, as we head into this the second half of March or you know, late March, early April. Yeah, yeah. We’re, we’re troughing [inaudible] will come back and obviously both gasoline and diesel production will increase.
Okay. So, um, before let’s, let’s get into that. A OPEC discussion. You’re talking about the, of the June meeting. Um, there, there’s, like you said, there’s a love fest going on. Um, but Russia is, is the compliance is still good, right? I mean this, this is the appliance appliances. Excellent is excellent compliances. Excellent. Um, you know, a lot of it is cause Venezuelan production has continued to, you know, fall off the table. They’re trying new, uh, they’re trying to stabilize a, but OPEC production is, you know, the down the 32, two 30 to three, um, which is just about, uh, what the call is on OPEC crude for the first half of the year, give or take right around maybe a hundred thousand barrels either way on the call for a, the call for OPEC. So, you know, globally the stocks may build some here in the next couple of months. That may stay the same, draw some, but uh, you know, the market looks a, the market looks pretty balanced.
The second half. Um, depending on, you know, what we like to do and I like to do is average the three, the big three, I AIA and the OPEC report. And if you do that, because OPEC is looking for a big draw, the IEA in the second half is looking for a big build and the IEA is looking for like balanced, right? So you take the three together, it looks like a slight draw. It looks like a two to 300,000 barrel draw in the, in the second half, which, you know, which is should be bullied. You know, it should be continued on. It should be, it should be constructive. So, um, well the big, the big question for OPEC, you know, they’ve already said, um, I’ll Felice said we’re not getting out of this deal until the end of 18. But you know, the big question is how do they get out of it?
Right. We just talked about us production growing and Norway and personal, you know, non OPEC production. Taking all the market share, you know, they’ve, they’ve got to figure out a way to get out of this deal, you know, and not completely give up their markets. And also, I mean, it’s gotta be killing Russia and, and see that they’ve gone in with OPAC and they’re seeing the US come on strong. Um, how much excess capacity do you think Russia has if they, if they wanted to just start producing like crazy? Well, their excess capacity is what they’ve caught 300 a day. That’s it. That’s it. That’s it. I mean, maybe this a little more, but, you know, not, not, not all that much. Yeah. It definitely has to be, um, you know, Russia, there’s other things going on, obviously geopolitically between, uh, you know, how, how the Russians want to approach the Saudis and the Iranians.
Uh, but also, you know, prices did rally, I mean, they cut 300, you know, the market went from 27 to 70. It’s a good deal. Good deal. It was a pretty cheap, it’s a cheap deal. So, you know, I think that even though this pressure on them to, um, you know, this probably going to be some pressure to get out of it, you know, they all see the balances. They know, you know, if they were to get out of it now, you know, the market would have a bigger surplus. Now there isn’t, there’s always wildcards in the oil market, which makes it the greatest market effort, of course, right? It makes it the greatest market ever because, um, the, the u s precedent has repeatedly said he wants to get out of the nuclear deal with Iran, and the next chance that he’s going to get the scuttle, the steel is going to be in May. Um, and given where we’ve seen him go just last week on tariffs, um, you know, I think the, I think the odds are pretty good that he’s going to try to scuttle the steel.
And, um, you know, there’s a lot of, this is going to be a lot of moving parts, but, uh, as to, you know, who, who’s going to abide by the sanctions, you know, the, the, there’s a lot there. Uh, which we’ll discuss as we head into march to May, but from an oil perspective, it could take as much as like four to 500,000 barrels a day off the market, which would, which would really, you know, maybe 180 days after they’ve, there are a lot of hurdles on the steel. Uh, it’s some, it’s complex and, um, there are a lot of ins and outs to it, but yeah, you take half a million barrels a day off the market. All right, well that’s one way to get exit the deal. You know, it helps you to exit the deal. You know, that’s something that the market is not really paying that much attention to, but, you know, I think as we head start getting closer to a get closer to May, um, you know, I think it will, it also seems a little bit of a, we’ll say a ceiling, but the oil growth, it might be some reluctance of, um, you know, big oil companies to move in there and develop Hodel.
Yeah, definitely. Yeah, definitely. So interesting. Before we’re a, we wrap this up, let’s, let’s talk about prices. Um, let’s start with what do you think about Wti going forward? Well, I think that both markets or are in a range. Um, I think that, uh, there, this is going to be a, uh, maybe we’re seeing it today cause the market’s really getting, getting hit. I mean today’s Wednesday last I looked, it was down a dollar 50. Um, so, you know, maybe some of the selloff office today, but, but I do think going forward, um, the fundamentals are going to be strong enough to keep this market from, you know, completely collapsing. And I could see it getting down to maybe 56, 50, 57, you know, and on the other side, 63, 50, 64 over the next few, you know, few weeks, months. Um, and I think it’s just the range and really looks balanced
right now. Yeah, I agree with that. I think, I think on the downside we have all this length and if it’s, you know, there’s a whole bunch of it technically driven. I mean you could get a nice spike down, but longer term, like you have the Iranian deal and you and you face and also the strong demand and the balance market and things getting tight towards the end. It’s hard to see a sustained, um, uh, collapsed. But you know, that’s, that’s the, that would be the contrarian view, wouldn’t it?
Right. Oh, definitely be good considering all the length in the, in the market. Yeah, that would definitely be so it definitely
the cherry of view. Yeah. So we had that last year we had that move down. I think it was in June, we made the lowest. Correct. And um, I think
you can have 45, you know, riding around the mid forties, maybe a little, I can’t remember exactly what the low was, but you know, the second half definitely look, you know, look really strong at this. Not Look as strong this second half. It ended up, we were drawing, we draw, we true and half a million barrels a day last year
and I’m gasoline prices that you uh, you said you didn’t like gasoline, so maybe a little more weakness in gas.
I think a little more weakness. Uh, uh, I think we were looking for like one 83 on the downside, one 93 50, maybe on the upside, something like that. And this lip and distillate, uh, I was looking for, well I’m bullish this, it, I mean I also think one 83 should hold. Um, and I was looking for like one 9,495 and enough look at that that much. And then this was all, some of these projections are, um, actually all the projections are in our monthly report. She can, uh, you can get a copy of, uh, by getting a hold of either one of us. Uh, my email is a email@example.com. That’s a l e B o w a commodity research group.com. And you can find out more about us on the, on the, uh, on our website, which is www commodity research group.com. Jim Colburn is from posting some excellent, excellent posts every day about things that affect the, uh, affect the oil market.
Andy m m a a commodity market junkie and I’m always looking for, you know, good stuff to put up there. And, and you know, there’s, there’s a lot of junk out there, but you know, you find some really, um, it was, there was an article in a Reuters that was talking about, um, uh, exports of crude and the economics that was in that article. I posted it. It was just really, really a dripping with information. I love articles like that. So when I see something like that, I put her up on the, I’m a blog, just feel free to hit us up on, uh, you know, on social media. We like linkedin. So, uh, you know, try either one of us would be happy to add you and start a discussion. Um, you know, about the markets. Okay. This has been Jim Colburn, Andy Lebow with our monthly energy markets podcast and a commodity research group.com.