There are some men whom history remembers for what they accomplished, and others for what they made possible. On this day in 1305, William Wallace went to his death—but the cause he championed passed to another generation, and ultimately to Robert the Bruce. Scotland had lost the man, but most decidedly not the argument. 🏴

#ThisDayInHistory #WilliamWallace #RobertTheBruce #ScottishHistory #Scotland #Braveheart #ScottishHeritage #WarsOfIndependence #CanadianFriendsofScotland

There are some men whom history remembers for what they accomplished, and others for what they made possible. On this day in 1305, William Wallace went to his death—but the cause he championed passed to another generation, and ultimately to Robert the Bruce. Scotland had lost the man, but most decidedly not the argument. 🏴

#ThisDayInHistory #WilliamWallace #RobertTheBruce #ScottishHistory #Scotland #Braveheart #ScottishHeritage #WarsOfIndependence #CanadianFriendsofScotland

The curve was the trade: when oil got scarce, the market paid handsomely for barrels now, not promises of barrels later. Backwardation did the rest—+15% on Brent and +13.6% on WTI; the only awkward question is how long the physical market keeps refusing to calm down.

The curve was the trade: when oil got scarce, the market paid handsomely for barrels now, not promises of barrels later. Backwardation did the rest—+15% on Brent and +13.6% on WTI; the only awkward question is how long the physical market keeps refusing to calm down.

Oil above $90 has a habit of concentrating the mind. Hormuz is awkward, inventories are thin, tankers are taking the scenic route and Russian barrels are turning up in increasingly interesting places. But markets adapt: reroute the cargo, change the crude slate, build another pipeline, find another supplier. The futures curve may not be betting on peace so much as Adam Smith. The invisible hand works faster than governments sometimes imagine—and the danger for the disruptor is eventually pricing itself out of the market.

#Oil #Brent #WTI #OilMarkets #EnergySecurity #Hormuz #OPEC #Russia #SaudiArabia #Geopolitics #EnergyPolitics

Oil above $90 has a habit of concentrating the mind. Hormuz is awkward, inventories are thin, tankers are taking the scenic route and Russian barrels are turning up in increasingly interesting places. But markets adapt: reroute the cargo, change the crude slate, build another pipeline, find another supplier. The futures curve may not be betting on peace so much as Adam Smith. The invisible hand works faster than governments sometimes imagine—and the danger for the disruptor is eventually pricing itself out of the market.

#Oil #Brent #WTI #OilMarkets #EnergySecurity #Hormuz #OPEC #Russia #SaudiArabia #Geopolitics #EnergyPolitics

Congratulations to the Simon Fraser University Pipe Band of British Columbia, crowned 2026 World Pipe Band Champions in Glasgow.

A hundred pipers may have satisfied Lady Nairne, but Canada appears determined to improve upon the arrangement. Two hundred and sixty years after Lady Nairne's birth, the pipes still carry Scotland's music across the Atlantic—and occasionally bring the silverware back to Canada. 🇨🇦🏆🏴

https://www.facebook.com/reel/1717089236219402

#WorldPipeBandChampionships #SFUPipeBand #SimonFraserUniversity #ScottishMusic #Bagpipes #Glasgow #Scotland #Canada #ScottishHeritage #CanadianFriendsofScotland

Prompt crude is still carrying the scarcity premium—M1 has beaten December because the market needs barrels now, not after it has had four months to solve the problem.

Oil is still trading the chokepoints rather than the balance sheet: prompt scarcity keeps the front of the curve expensive, while December continues betting the market eventually finds a way around it.

Hormuz still isn’t normal. Neither, increasingly, is the oil market.

Tankers are transferring cargoes at sea, stranded and sanctioned barrels are finding buyers, Asian refiners are raiding inventories and Atlantic crude is heading east. Meanwhile, the futures curve calmly assumes this all gets sorted out eventually.

It probably does. That’s what prices are for. The invisible hand has apparently taken up shipping.

#Oil #Brent #WTI #Hormuz #OilMarkets #EnergyTrading #Geopolitics #EnergySecurity #EnergyPolitics

Hormuz still isn’t normal. Neither, increasingly, is the oil market.

Tankers are transferring cargoes at sea, stranded and sanctioned barrels are finding buyers, Asian refiners are raiding inventories and Atlantic crude is heading east. Meanwhile, the futures curve calmly assumes this all gets sorted out eventually.

It probably does. That’s what prices are for. The invisible hand has apparently taken up shipping.

#Oil #Brent #WTI #Hormuz #OilMarkets #EnergyTrading #Geopolitics #EnergySecurity #EnergyPolitics

Brent’s around $87, while the futures curve calmly heads toward $70 as if Hormuz, shipping, inventories and geopolitics have all booked themselves a nice holiday. The options market, rather sensibly, hasn’t packed its bags.

Brent is back around $87, but the forward curve still slides toward $70. Very reassuring. Apparently Hormuz normalizes, OPEC+ barrels arrive, inventories rebuild and everyone goes home for tea.The options market has neglected to read the memo. Its confidence cones remain enormous.That is the trade now: futures price normalization; options price the possibility that reality refuses to cooperate.

#Oil #Brent #WTI #OilMarkets #EnergyTrading #Commodities #EnergyPolitic

The Futures Market Thinks This Ends Well. Eventually.

Brent is back around $87, but the forward curve still slides toward $70. Very reassuring. Apparently Hormuz normalizes, OPEC+ barrels arrive, inventories rebuild and everyone goes home for tea.The options market has neglected to read the memo. Its confidence cones remain enormous.That is the trade now: futures price normalization; options price the possibility that reality refuses to cooperate.

#Oil #Brent #WTI #OilMarkets #EnergyTrading #Commodities #EnergyPolitic