Please find attached our mid-Trump-Xi note, that attempts to cover the arc of the China energy challenge in the Age of Hormuz, mid-summit. History in the making. Hope you enjoy reading it as much as I enjoyed writing it. Paul Morelia, Michoacán, Mexico, 5/14/26
Greetings, Refiners are running at max capacity, and oil prices are finding a Hormuz blockage hierarchy. Excess profits are accruing to oil producers, US refiners, and shipping companies. Front page of USA Today, Daily Mail, nothing on Hormuz. I scrolled all the way down on the NY Post – not one story on Hormuz today. While the oil analysts get frantic, the NASDAQ hit a record high, and the President’s most important advisor, Mr Market, …
This week, delighted to say we will host Ed Morse, the most tenured oil analyst on Wall St, a legend, to Happy Hour at our regular 4pm ET time slot, Thursday (30th April – time flies). I appeared on CNBC with Ed live from the NYSE in March 2020, and listened to answers very, very carefully. I walked away and tripled all my demand destruction forecasts, worked out the combination of Saudi at record production …