Then, by Wednesday, Jeff Currie, the former Goldman Sachs commodities chief and now co-chair of Abaxx Markets, went on CNBC to explain, as we've warned, that the real crisis is not in crude, but in diesel markets.
"Nobody on the planet earth consumes crude oil," Currie told CNBC. "Refineries do. Everyone else consumes gasoline, diesel and jet fuel, and those markets look considerably uglier."
By Thursday, Currie explained that the convergence of tight physical markets, currency debasement and policy intervention represents the hallmark of a structural commodity bull cycle.
"Stop looking at crude. Nobody consumes it but refineries. The economy runs on gasoline and diesel, and that consumption-weighted basket costs $165 against $85 WTI," Currie wrote on X. Read the report.
