Energy Week #14: Mayhem in the Market: China Trade Wars, Forward Curve Fireworks & More!

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 8 August 2019

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Energy Week dives into the Trade Wars and other factors driving the energy price collapse, forward curve fireworks, and much more! Panelists Art Berman, Chris Cook and Patricia Hemsworth

Transcript

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0:00.0	This is a special edition of Macrovoises with hedge fund manager Eric Townsend.
0:14.2	The premier financial podcast targeting professional finance, high net worth individuals, family
0:19.8	offices, and other sophisticated investors.
0:23.0	Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.
0:29.9	Macrovoises Energy Week episode 14 was recorded on August 7, 2019.
0:35.0	I'm Eric Townsend.
0:36.3	I'll be joined this week by petroleum geologist Art Berman, former market regulator Chris
0:41.1	Cook and commercial broker Pat Hemsworth.
0:44.0	Our topics this week include the trade war escalation and where energy prices are headed
0:49.0	from here.
0:50.4	Fireworks on the forward curve, yuan devaluation, falling demand for refined products, and
0:56.2	much more.
0:57.2	First let's dive right into the EIA data this week.
1:00.6	Crude oil, building 2.4 million barrels, much to the surprise of some analysts.
1:06.4	Cushing Oklahoma still drawing down 1.5 million barrels, but that was quite a lot less than
1:11.7	a lot of analysts predicted, and well over a million barrels less than genscape had predicted
1:17.5	with their helicopter flyover on Monday morning.
1:20.8	Gasoline, building a massive 4.4 million barrels, distillates building 1.6 million barrels.
1:28.1	So after several weeks of drawdowns across the board, we've got builds this week every
1:33.1	place except Cushing, Oklahoma.
1:35.7	The tape action was a nose dive, and that was on top of very weak early action.
1:40.7	We actually saw the market selling off very aggressively this morning before the inventory
	...

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