Navigator: Measure for Measure
The lullaby that the ME war has plateaued into economic irrelevance reached fever pitch this week. Most of the propaganda was unsubstantiated twaddle. The IEA, by contrast, showed continuing inventory drawdowns, which point to inventory exhaustion by mid-autumn. I am maintaining our Brent forecast at >US$100 by midOctober. We are also long ICE Diesel.
I expect Russia to continue escalating Grayzone attacks on Europe to a level that could finally disturb markets.
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