Lewis Hart

Yes, you need peanuts and tree nuts in the title.

It's very, very important, very specific.

So we actually are active in lots of non-hedgable commodities, like cashews is a good example, pine nuts.

Pistachios less so, but all kinds of non-hedgable commodities that would probably surprise you.

Yeah, so thinking about what's happening in the straight, first of all, we're not the largest player in the Middle East.

I think more of the European banks, but certainly we're watching it closely.

And I think what the media is really focused on is kind of the oil side of the story.

So you keep hearing 20% of global oil is trapped, the largest disruption in the history of the oil market.

Those are all true.

You see lots of activity in the price, although it's mostly in the front month, the front of the curve, not the back of the curve.

What I think we're interested in actually in the lens of a commodity banker versus the lens of sort of an oil research analyst is how much capital is actually trapped, right?

Because

Our business relies on turning over your balance sheet.

The commodity merchant and the commodity banker, the fundamental principle is that self-liquidating nature.

So you buy it, you sell it, you collect, and then you do it again.

It's the velocity of the turnover.

And right now, there is a lot of capital that's stuck in the strait.

And I see lots of different reports.

Is it something like 1,500 commercial vessels, some number like that?

I think that's what the Pentagon said recently.