We know what’s coming and we are prepared.
⚡️BREAKING: The Mayor of El Cajon, California just revealed that over 250,000 illegals have been dropped into San Diego County in just the last 10 months. They get free healthcare, free sex changes (odd), free college tuitions and a nice 20% down payment on a home loan
"The County of San Diego already spent $6 million on a migrant welcome center... they've just allocated another $19 million for that." - Mayor Bill Wells.
Video @nickshirleyy
@TEXASvsUSA
Intellectual masking is the deliberate regulation of how much of your knowledge, reasoning, and analytical ability you reveal so that others form a controlled (and often incomplete) assessment of your capabilities.
Its purpose is to manage perception, reduce unnecessary attention, encourage others to reveal more information, and preserve strategic advantage until demonstrating full competence serves your objective.
🛢 We Are 'Still' Going Full Speed Into The Wall
Product storage is about to get tighter unless China steps in and lifts the product export ban. If it does, expect a meaningful reversal in crude.
WTI is barely hanging on to $70 for its dear life, but please remember that consumers use petroleum products like gasoline and diesel; they don’t use crude oil. Refineries do, and this is why it was always important for us to pay attention to crack spreads along with crude timespreads.
Note: Please divide it by 3.
The fever in the market today is that crude is oversupplied, but products are undersupplied. How can this be possible?
Well, China’s June crude import data so far is -4.7 million b/d y-o-y, and teapot refineries are operating at 50% utilization. Compared to US refineries operating at 95% and PADD 2 refineries operating over 100%, you can see where the disconnect is.
But here’s the thing. If end-user demand isn’t down and you still have a production shut-in of ~8 million...
