MacroVoices #465 Rory Johnston: Oil Markets Under Trump 2.0

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 30 January 2025

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

MacroVoices Erik Townsend & Patrick Ceresna welcome back, Rory Johnston. They discuss everything crude oil - from the current fundamental landscape and the impact of Trump’s tariff policies to why crude quality remains crucial and where refineries can source the heavy blend stock needed to process U.S. shale oil. https://bit.ly/42z5yIQ ⚫ Follow Rory on X: @Rory_Johnston 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/3WF7BHg ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://bit.ly/4cMmu0d 🔴 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 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 individuals, family offices, and other sophisticated investors.
0:18.9	Macrovoices is all about the brightest minds in the world of finance
0:22.6	and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are your
0:29.2	hosts, Eric Townsend and Patrick Suresna. Macrovoices episode 465 was produced on January 30th, 2025.
0:40.1	I'm Eric Townsend.
0:41.9	Commodity context founder and energy markets guru Rory Johnston returns as this week's
0:46.9	feature interview guest.
0:48.3	Rory and I will discuss all things crude oil from the current fundamental backdrop to
0:53.0	Trump tariff policies and their knock-on
0:55.3	effects to why crude quality still matters and potential sources for the heavy blend stock
1:01.4	that's needed in order to continue refining U.S. shale oil.
1:05.5	And I'm Patrick Suresna with the macro scoreboard week over week as of the close of Wednesday,
1:10.5	January 29, 2025.
1:13.2	The S&P 500 index down 77 basis points, trading at 6039.
1:19.3	The market experiencing some turbulence on that AI and Nvidia news.
1:24.5	We'll take a closer look at that chart and the key technical levels to watch
1:27.8	in the postgame segment. The US dollar indexed down 33 basis points trading at 107 spot
1:34.6	9-1. Puzzled to solve is after an extended consolidation, will the US dollar re-resume its prior
1:42.2	bold trend. The March WTI crude oil contract down 374 basis points,
1:48.0	trading at 7262, oil pulling back, but will it be bought on dip? The March, R-Bob gasoline,
1:55.7	down 96 basis points, trading at 206. The February gold contract flat on the week trading at 2770, a stone throw away from those
2:04.7	all-time highs.
	...

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