Forget The Headline Roulette, Goldman Partner Says Markets Are Voting For AI Infrastructure 2.0

At a headline level, the market this week reverted to managing through the now somewhat binary risks associated with further shut-ins of oil supply through the Straits of Hormuz.

Up until now crude supply has been severely impacted, but finished products shortages have been limited. Those most bearish on the outlook have focused on the cliff-edge of refined product shortages which could now be as imminent as 2-3 weeks away; inventories are dropping at a record pace, but aren’t yet at record lows.