Keep pulling the thread on Odd Lots.
Javier Blas predicts that Europe's jet fuel supply will become significantly tighter after the end of June due to a seasonal increase in demand.
Forecasts indicate that the total acreage for wheat plantation in the US is the lowest since records began in 1919.
Fatih Birol, head of the International Energy Agency, stated the current energy crisis is worse than the crises of 1973, 1979, and 2022 combined.
Global oil demand has been reduced by approximately 5 million barrels a day, about 5% of the market, without creating a major economic crisis.
During the 2022 energy crisis, wholesale electricity prices in Germany rose from a typical €50-€75 per megawatt-hour to a peak of €1,000 per megawatt-hour.
The European Union's Carbon Border Adjustment Mechanism (CBAM) tax, effective January 1, 2026, is expected to add up to €120 per tonne to the cost of imported urea.
In anticipation of the CBAM tax, European farmers increased fertilizer purchases by 60% to 80% above normal levels in November and December 2025.
The US cattle herd is at its lowest level in 75 years, contributing to high beef prices.
Tyson Foods lost $150 million in three months from its beef processing operations.
The United Arab Emirates' departure from OPEC is considered the biggest challenge the organization has ever faced.
The UAE plans to increase its oil production capacity from 4.5 million barrels per day to 5 million barrels per day, with potential for further increases.
The expected increase in US oil production of a couple of hundred thousand barrels per day will not be enough to cover the current market deficit of 10 million barrels per day.