MacroVoices #424 Rory Johnston: Crude Oil Update: Fundamentals, Geopolitical Risks, and SPR

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 18 April 2024

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

MacroVoices Erik Townsend & Patrick Ceresna welcome back, Commodity Context Founder, Rory Johnston. Erik & Rory discuss all things crude oil, from fundamentals, to geopolitical risk to the Strategic Petroleum Reserve. https://bit.ly/444LL2L ⚫ Follow Rory on X: https://www.twitter.com/Rory_Johnston ⚫ Find out More: https://www.commoditycontext.com 🔻Download Big Picture Trading Chartbook: 📈📉: https://bit.ly/3vTbbnh ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://bit.ly/46Ul2FD 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik's Substack: https://eriktownsend.substack.com/ 🔴 Check out Energy Transition Crisis on YouTube: https://www.youtube.com/@EnergyTransitionCrisis1 🔴 Check out Nick's YouTube channel: https://www.youtube.com/c/Optionfinity ✅ Join OptionFinity discord: https://discord.gg/Rvnsv6Y 🔴 Subscribe to Nick’s Medium: https://medium.com/@ngalarnyk Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials

Transcript

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0:00.0	This is macro voices, the free weekly financial podcast targeting professional finance, high net worth
0:14.2	individuals, family offices, and other sophisticated investors.
0:18.0	Macro Voices is all about the brightest minds in the world of finance and macroeconomics telling it like it is,
0:25.6	bullish or bearish, no holds barred.
0:28.3	Now here are your hosts, Eric Townsend and Patrick Sorezna.
0:41.0	Macro Voices episode 424 was produced on April 18th, 2024. I'm Eric Townsend.
0:43.0	Commodity Context.com founder and widely followed energy markets analyst Rory Johnston returns
0:48.9	as this week's feature interview guests.
0:51.3	We'll discuss all things crude oil from fundamentals to
0:54.2	geopolitical risks to the Strategic Petroleum Reserve. As you can probably tell I'm
0:59.2	still struggling to get my voice back so Patrick and Nick will be covering the post game segment this
1:04.8	week hopefully we'll be back to the regular format by next week and I'm Patrick
1:10.1	Sorereston with the macro scoreboard week over week as of the close of Wednesday, April 17,
1:15.1	2024.
1:17.0	The S&P 500 June futures were down 422 basis points closing at 5062. Two back to back down weeks as
1:26.7	inevitable market correction gets underway. We'll take a closer look at that
1:30.5	chart and the key technical levels to watch in the post-game segment.
1:34.8	The US dollar index up 61 basis points, trading to 10594, continues to trade along its year highs. The May W2I crude oil contract down 385
1:47.5	basis points trading at 8289 a sharp correction in the bullet advance but is is it a bion dip? We'll take a closer look at that chart in the post game.
1:57.0	The May-Arbov gasoline futures down 288 basis points trading at 270
2:03.7	the June gold contract up 170 basis points to 2388 as the bull trend continues
2:11.1	copper up 140 basis points to 434 and Uranium up 153 basis points
	...

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