Mike McGlone

Probably not.

Will there be some kind of action?

Probably.

You don't move an armada there like that and not do anything.

But the bottom line is every time we have these pumps due to potential risks of supply curtailment in the Middle East, it pumps up prices to the upper end of the range.

The Western Hemisphere, mostly the top producers on the planet now, which is U.S., Canada, and all the way down to Argentina.

sell forward on the curve, they bring on more supply, rinse and repeat, the prices go back down.

So to me, it's just a question of how high we go, and I think we're in that point of putting in the peak.

It's just hard to trade it when you have such uncertainty.

We don't know exactly what's going to happen.

Will there be a sustained supply destruction?

Probably not.

Will there be some kind of action?

Probably.

You don't move an armada there like that and not do anything.

But the bottom line is every time we have these pumps due to potential risks of supply curtailment in the Middle East, it pumps up prices to the upper end of the range.

The Western Hemisphere, mostly the top producers on the planet now, which is U.S., Canada, and all the way down to Argentina, sell forward on the curve.

They bring on more supply, rinse and repeat.

The prices go back down.

So to me, it's just a question of how high we go.