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Countdown Datapoints to an Apocalypse

The latest disaster machine datapoints from the Sub-Zero kakistocrat countdown.

Saudis now near peak output, SPR draining at 1mmb/d and lack of refining won’t counter distillate drawdown.

28 days

Chevron CEO says “no sign of demand destruction… can’t pump more, todays activity was determined 2 years ago… plans depend on long-term prices not prices today”. Oil futures +2 years out still in $60-70s, no supply response until curve re-rates significantly higher.

This is despite 1) active SPR drawdowns and 2) China operating below economic capacity.

Oil in severe backwardation

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There is very little demand destruction to date.

Sub-zeros exported 7.29 million tonnes of liquefied natural gas (LNG) last month, second highest on record, as sales to Europe and South America expanded.

“The nightmare scenario we’ve all been hypothetically thinking about for years, if not decades, is here. Runaway German inflation at the same time as soaring Italian yields.” – Deutsche Bank

Massive Fire Breaks Out At Poultry Farm That Supplies Eggs To Major Supermarkets. Coinkydink?

Winter wheat condition:  23% very poor, 17% poor

pasture and range condition: 22% very poor, 24% poor

spring wheat emerged May 29: 42% versus 69% 2017-2021 average

corn emerged May 29; 61% versus 68% 2017-2021 average

soybeans emerged May 29: 39% versus 43% 2017-2021

source

Update on the NFT Ponzi scam: read: The ‘Bored Ape Yacht Club’ NFT Pump-and-Dump Ponzi Scheme

Masked tyrant Arden conclaves with the sub-zero ESG peddlers at Blackrock.

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