Super-Spiked Videopods (EP51): Copper, Crude, China, Normalization

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This week we continue the theme of normalization. The 2020-2023 period of “urgent energy transition,” “peak oil and gas demand,” and ESG hysteria we think is fading. It is being replaced with what we would call “normal” supply/demand/price volatility concerns. The biggest issue right now facing oil markets has been uncertainty on the outlook for China in particular. Going back to the super-cycle days of 20 years ago, we have long looked at copper markets to provide insights into China, given China is over 50% of copper demand. A noticeable gap has opened between weak crude oil prices and more resilient copper. Historically, the gap has closed with crude following the direction of copper. We shall see if history repeats.

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⚖️Disclaimer

I certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.

📜 Credits

* Intro & Outro music: Wolf Hoffman: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.

* This episode of Super-Spiked Videopods was edited and produced by Veriten Productions.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com