Notes $5 diesel and asks about the mind of the trader and the meaning of jet fuel doubling.
Joe Mathieu
Mike McGlone
This is a global energy crisis, potential recession just getting started. Every day the Strait is closed is a bad thing. Crude oil exhibits auto-correlation—it goes down because it went up.
Asks about the fertilizer and agricultural commodity side, citing UN warning of food insecurity for 363 million.
Kailey Leinz
Mike McGlone
No strategic reserve for fertilizer. U.S. and Canada have super abundance of grains. Corn prices have bumped up, but average cost of production is below $4.