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Real Personal Income Excluding Transfers Turns Negative Year-on-Year
The consensus read on the US consumer is that spending holds up, therefore the economy holds up. Real personal income excluding transfers, the measure the National Bureau of Economic Research…
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Canada Oil Cutoff Diesel Threat: The Leverage the Consensus Keeps Dismissing
The prevailing read on the US-Canada trade standoff treats a Canada oil cutoff diesel shock as a theoretical extreme, too drastic to materialise, and therefore not worth pricing in. The…
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Diesel Crack Spread Record Exposes a Supply Problem No Policy Can Fix
The diesel crack spread record now dominating fuel markets is being read as a price shock story. The more uncomfortable read is that it is a structural supply story, and the two are not the…
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US Diesel Crack Spread Hits $102 as SPR Safety Net Frays
The consensus read on the US diesel crack spread breaking $100 a barrel is that this is a supply shock story. It is, but only partly. The more uncomfortable read is that the emergency buffers…
