Mar. 13 at 5:45 PM
$GDX $GLD $JNUG $B $SLV
"Crude futures aren't telling the full story.
See Dubai physical swaps (white, balance of the month) vs Brent prompt futures (blue) below.
Normally they're pretty close, but right now there's a MAD bid for physical crude in the region—
$100/bbl futs,
$140/bbl physical barrels"
This is exactly what will keep happening if/when the US treasury ever gets involved in the futures market. Phys diffs and other secondary markets will start to price all the upside risk. & now Russia has received a 30 day wavier which means prices will likely continue higher to
$130 & perhaps
$150 if the US treasury continues their involvement.
US intervention in oil futures would be ‘biblical disaster’, CME warns (This is EXACTLY what we have now but hopefully this is still Biden's economy)
Terry Duffy says any attempt by the government to lower prices using derivatives market would erode confidence
