Introduces Jeff Currie and asks if he's warning oil prices could go much higher despite others expecting lower prices.
Brian Sullivan
Jeff Currie
Points to gold testing new highs as signal of large geopolitical risk from Venezuela situation, making world more dangerous for oil importers.
Jeff Currie
Bearish oil view is predicated on big supply glut that's actually floating oil at sea, particularly in South China Sea.
Clarifies that the glut is only in ships at sea near China, which China could take.
Brian Sullivan
Jeff Currie
Most ships are dark fleet with Chinese insurance/payment systems, linked to Russia/Iran/Venezuela geopolitical issues.
Asks about fundamental supply/demand situation and structural oversupply through 2027.
Brian Sullivan
Jeff Currie
If you have to scrape data to find supply glut evidence, it's not real - real gluts hit you over the head with collapsing prices and swelling inventories.
Jeff Currie
Having such a large short position with current geopolitical risk (Iran, Russia) is quite dangerous.