Bob Pittman

I would say definitely.

I don't know if I would go so far as delusional, but certainly sanguine, overly optimistic relative to where I see the situation now.

One thing that's kind of been a hallmark of this crisis throughout, given this kind of chronic expectation, this persistent expectation that this will end any day now and that, you know, flow through the straight forward will resume tomorrow, is that most of the kind of pricing pain, the pricing pressure is being felt at the very, very front of the curve in what we call like

extreme backwardation or term structure at the front of the curve, the shape of the futures curve.

And that extends into the physical and spot market.

So right now, even though Brent crude right now is trading at just over $100 a barrel for June delivery futures, WTI, which is trading in for May, is actually trading at a premium to that, which is weird at the front of the curve.

And dated Brent, which is the spot benchmark, is trading north of 130.

And then the physical delivery of these various actual crude cargos is something at $20, $25 at a premium to dated Brent.

So many of these physical crudes are trading at over $150 delivered.

Wow.

And that's the kind of thing that eventually futures need to recognize that.

But thus far...

You know, the White House has been very successful in kind of managing expectations that this conflict is going to end any moment.

And who's to blame traders that, you know, can't get too long because then they're going to get blown out of their positions with a $15 a barrel, you know, tweet.

It's a very strange market to trade.

Rory, can you just transfer some of that into gas prices?

What is that?

So let's say if we caught up, what did you say, $150 a barrel?

What does that look like at the pump nationally for the U.S.

?