This is absolutely insane:
The world is quite literally facing what appears to be the largest energy crisis in history.
US crude oil futures are now trading at a $20+/barrel DISCOUNT to Brent, also one of the largest on record. As the US increases production and taps into reserves, the EU is facing a full out energy crisis.
European natural gas prices are up another +30% today and physical crude oil prices in Oman and elsewhere are trading at $150+/barrel. In other words, the gap between Oman and US prices now stands at ~70%, or ~$70+ per barrel.
It has become so bad for Europe that the market is now pricing-in 2 interest rate HIKES in 2026, even as the US removes sanctions on Russian oil.
US rate cuts in 2026 are almost entirely priced-out as a result with Core PPI inflation on PRE-WAR data rising to its highest since February 2023.
The entire global economy just took a complete 180 degree turn in 3 weeks. The next few months are going to be historic.