Oil markets are fundamentally broken, evidenced by extreme price spreads ($60+). This signals persistent supply shocks, likely involving the Strait of Hormuz, pushing WTI prices higher. This dysfunction, coupled with record-low consumer sentiment (worse than 9/11, 70s inflation), creates a stark K-shaped economy. The disconnect between soaring stocks and depressed sentiment is unsustainable and will eventually force a reckoning.
Yields
NDX
RUT
Oil
Metals
USD
Bianco Research 8.5
Investment Research Firm
Jim Bianco 8.0
4/22/2026 11:13:52 PM
wti
These prices are going to continue to creep higher Market dysfunction with $60 price spreads indicates supply disruptions; longer dysfunction means Strait of Hormuz not open and no return to normality
27 calls
-9
slightly worse than random
4/15/2026 5:00:11 PM short term up 5 days later -2.70% -2.70%
4/10/2026 3:53:15 AM short term up 7 days later -9.56% -9.56%
4/9/2026 5:24:14 PM medium term up 20 days later +8.80% +8.80%
4/9/2026 3:55:52 PM short term sharp up 5 days later -5.47% -8.20%
4/7/2026 9:39:37 PM short term sharp up 5 days later +4.95% +7.42%
4/1/2026 3:55:27 PM long term sharp up 60 days later -17.37% -26.06%
3/20/2026 1:25:20 PM medium term up 21 days later +12.42% +12.42%
3/18/2026 7:32:42 PM long term cautious down 60 days later +13.02% -6.51%
3/12/2026 8:50:04 PM short term sharp up 5 days later -2.42% -3.63%
3/4/2026 3:33:17 PM short term up 5 days later +3.01% +3.01%
2/20/2026 3:49:52 PM short term up 7 days later +7.42% +7.42%
1/6/2026 7:30:15 PM medium term up 20 days later +11.43% +11.43%
1/6/2026 4:06:05 PM medium term up 20 days later +11.43% +11.43%
Show all 13 wti results

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