{"id":61796,"date":"2022-02-07T16:07:43","date_gmt":"2022-02-07T21:07:43","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61796"},"modified":"2022-02-07T16:07:43","modified_gmt":"2022-02-07T21:07:43","slug":"ive-never-seen-a-market-like-this-goldman-sees-shortages-of-everything-you-name-it-were-out-of-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61796","title":{"rendered":"“I’ve Never Seen A Market Like This”: Goldman Sees Shortages Of Everything, “You Name It, We’re Out Of It”"},"content":{"rendered":"
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“I’ve Never Seen A Market Like This”: Goldman Sees Shortages Of Everything, “You Name It, We’re Out Of It”<\/a><\/h3>\n<\/header>\n
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It’s probably not the endorsement Biden’s flailing administration wanted.<\/p>\n

In a time when social networks have been swamped with photos of empty shelves from across the nation, Goldman’s head commodity strategist and one of the closest-followed analysts on Wall Street, said he\u2019s never seen commodity markets pricing in the shortages they are right now.<\/p>\n

\u201cI\u2019ve been doing this 30 years and I\u2019ve never seen markets like this,\u201d Currie told Bloomberg TV in an interview on Monday.\u00a0\u201cThis is a molecule crisis. We\u2019re out of everything, I don\u2019t care if it\u2019s oil, gas, coal, copper, aluminum, you name it we\u2019re out of it.\u201d<\/strong><\/p>\n

In a reversal of the event from April 2020, when WTI oil briefly hit a negative $40 per barrell as speculators paid others to take deliverable oil contracts off their hands as they had no storage for it, futures curves in several key markets are trading in\u00a0super-backwardation\u00a0<\/em>– a structure that indicates traders are paying bumper premiums for immediate supply. The downward sloping shape in prices is generally taken to mean commodities are severely undersupplied.<\/p>\n

The shortage of, well, everything has translated into record price of virtually all commodities: the Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures, has touched a record this year. That has been driven in part by surging oil prices, which have hit their highest level since 2014 and earlier today Brent rose as high as $94, assuring even more pain at the pump.<\/p>\n

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Separately, assuring even more pain for logistics, Bloomberg notes that\u00a0diesel futures are in their strongest backwardation since 2008<\/strong>, excluding expiry days.<\/p>\n

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Additionally,\u00a0all six of the main industrial metals traded on the London Metal Exchange moved into backwardation late last year,<\/strong>\u00a0in a rare synchronized bout of tightness last seen in 2007.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“I’ve Never Seen A Market Like This”: Goldman Sees Shortages Of Everything, “You Name It, We’re Out Of It” It’s probably not the endorsement Biden’s flailing administration wanted. In a time when social networks have been swamped with photos of empty shelves from across the nation, Goldman’s head commodity strategist and one of the closest-followed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[376,592,4053,3237,4318],"class_list":["post-61796","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-goldman-sachs","tag-oil-price","tag-shortages","tag-supply-chains","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61796"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61796\/revisions"}],"predecessor-version":[{"id":61797,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61796\/revisions\/61797"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}