Gas Is Back Above $4 — And Could Keep Rising
Episode publishedPodcast: Prof G MarketsProf G Markets
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17,000. I feel like I'm sorry. Money market's mad.
If money is evil, then that building is hell.
Show goes on. The price of Noah's watch is so so.
Welcome to Prophecy Markets. I'm Ed Elson. It is July 21. Let's check-in on yesterday's market vitals. The S and P five hundred and the Dow declined as conflict in The Middle East escalated. The Nasdaq was flat. Oil was volatile. More on that in a moment. The yield on ten year treasuries rose. SpaceX stock hit a new low of a $120 per share. And finally, Warner Brothers shares fell nearly 4%. Offer a judge temporarily halted its deal to get acquired by Paramount. The judge said the sale likely violates antitrust laws and scheduled a hearing for next month. Okay. What else is happening? Conflict
We're tracking those tankers that are passing through the Strait Of Hormuz here. Our job has become increasingly more difficult as there's been different routes to to try and traverse the Strait. And so what you've essentially got is is, you've got the Iranian route, which is right at the top kind of the north. And then you have the pre conflict highway, which was straight through the middle. And then at the bottom, you've got the Omani route, which is the kind of the Southern corridor. As we've seen escalations increasing here and you've seen some of the tankers being hit that were passing th
Just looking at what happened with Saudi Arabia and and that blockade, it seems as though oil supply was figuring out a way to kind of reroute itself away from the Strait Of Hormuz or around the Strait Of Hormuz. I guess my question is, to what extent was that successful, and to what extent has that now been kind of blocked now that we've got this new development?
It was working pretty successfully and so it was able to reroute about 3,500,000 barrels a day of Saudi crude across to the Red Sea. And so Saudi was exporting about 7,000,000 barrels a day out of the Mid East Gulf prior. So it was able to reroute half of that crude. So that put him in a better situation more than most. So that has definitely helped somewhat cushion the supply shock because all of that crude was then going across to the Red Sea and was heading into the likes of India, China, South Korea these countries that were otherwise getting their crew from the Mid East Gulf and it had st
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