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Global Bidding War For Crude After Hormuz Shock
- Oil prices spiked ~22% in a week and wholesale gasoline rose ~30%, signaling a rapid global scramble for crude.
- Asian importers are competing for alternative supplies as Strait of Hormuz risks push buyers to bid for U.S., African, and other barrels.
Monitor Private Credit For Feedback From Oil Shock
- Prepare for feedback loops between energy shocks and credit markets by monitoring private credit stress alongside oil developments.
- Snider advertises a webinar focused on credit markets as the place to assess those interactions and risks.
Markets See Oil Spike As Transitory Not Inflationary
- Despite the strong short-term jump in oil and gasoline, Treasury inflation break-evens barely moved, indicating markets see impacts as transitory.
- TIPs and break-even rates rose only a few basis points even while WTI and gasoline surged, showing no lasting inflation risk priced in.