An Interim Oil Market Update

From Goehring & Rozencwajg

Today we’re releasing an interim update on the oil market, ahead of our quarterly letter due out in a few weeks.

We’re currently on the road but given the ongoing hostilities in the Middle East — and the number of questions we’re fielding — we wanted to tell investors what is actually happening in global oil markets.

In our last letter, we warned the world could hit “tank bottoms” this summer. We said it could be catastrophic, and we stressed it had never happened before. The closest analog was COVID — when the tanks nearly overflowed and oil went sharply negative.