Back in Brooklyn, Oil equities, feel like the return of the British from Waterloo. We may have won the war of the year 2022, but we end with terrible losses. As Wellington said “Next to a lost battle, nothing is so sad as a battle that has been won.” “All the business of war, and indeed all the business of life, is to endeavour to find out what you don’t know by what you do;…

Oh man, “Long and wrong”. I got the “tap on the shoulder” yesterday for the paper book. It has not been performing well. Like many others, I participate in some stock picking contests etc, all with notional US$. At the biggest book, the “powers that be” asked to talk to me about my performance/bullish oils call. I cleared my diary for their availability and cleared my throat. Of course, I could have been long Bitcoin,…

Hi from London, Stunning result from OPEC meeting today – next meeting JUNE. Wait, June? We are targeting $120/bbl Brent by driving season next year. That’s MAY 2023. Iran announces end of morality police – MbS made a similar move a few years back in Saudi (2016). Means yet more strength in Middle East economic growth, in our view. They use a ton of oil. China so tough to call, market all excited about Apple…