Refinery runs are elevated for this time of year... Here is the Wall Street Journal’s The Daily Shot with a telling chart from Princeton Energy
Cushing stocks vs April/May WTI…
If you knew Cushing would draw over the past quarter like this: Would you expect April/May WTI to go out like this?: The top chart is
US petroleum product exports, 2017… EIA
in pictures, here, from the EIA’s This Week in Petroleum:
Richard Nephew on Trump/Iran deal… Columbia/SIPA
“Senior Research Scholar Richard Nephew writes on the consequences of a possible decision by President Trump to de-authorize the extension of
Cocoa prices soar… WSJ
David Hodari, WSJ, summarizes recent activity in cocoa here... ”Cocoa futures prices fell to 10-year lows in New York in December 2017, after a
Hedge funds cut net length in petroleum… Kemp
but are still very net long... John Kemp, Reuters, does a great job keeping us up to date on how funds are positioned here...