Bloomberg Surveillance Bloomberg Surveillance TV: April 2nd, 2026
27 snips
Apr 2, 2026 Sarah Hunt, chief market strategist at Alpine Saxon Woods, offers market and earnings perspective. Stephen Schork, editor at The Schork Group, breaks down near-term oil paths and supply risks. Ed Mills, Washington policy analyst at Raymond James, examines escalation timelines and geopolitical leverage. They tackle looming oil spikes, inventory logistics, potential military moves, and where investors might find resilience.
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US Crude Poised To Catch Up And Spike Global Prices
- Oil could reach $130–$134 a barrel within three weeks due to heightened buying and arbitrage as US crude catches up to global prices.
- Stephen Schork cites strong Asian and European buying, US Gulf Coast bids rising, and fat-tailed volatility pushing prompt prices higher.
Higher Prices Won't Break Demand Until Much Higher Thresholds
- Demand destruction is unlikely until oil trades well above prior pain points because gasoline elasticities have fallen since 2008.
- Schork estimates prices need to hit roughly $150–$160 a barrel before meaningful demand pullback occurs.
Markets Overrule Words When Prompt Curve Tightens
- Verbal interventions won't override market realities; forward curve structure and cash spreads show strong prompt demand and backwardation.
- Schork points to WTI trading at discounts that are evaporating as prompt barrels get aggressively bid.