The world doesn't have enough spare capacity to increase production at all from where we already are. That means it's not possible to return to pre pandemic normal because there's not enough energy to supply the demand that existed in pre pandemicnormal. The commodity markets don't work that way, they have to balance supply and demand in the here and now. In the here andnow, demand is starting to collapse. There's plenty of room for oil prices to move considerably lower from here with a really big caviot if vladimir putton should ever decide he wants to use withholding energy as a tactic of economic warfare.
MacroVoices Erik Townsend and Patrick Ceresna welcome Evergreen Gavekal's David Hay to the show to give us an update on the Greenflation trend, talk in detail about the formative global energy crisis and where it’s headed, and also discuss equities and precious metals. https://bit.ly/3d0T6tv
Download David's charts: https://bit.ly/3OYUhqS
Check out David's newsletter Haymaker
David's audio book - Bubble 3.0 (get 33% off with code MacroV33)
✅Sign up for a FREE 14-day trial at Big Picture Trading: https://bit.ly/2JjZR7J
Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials