Oil commentary - (Well, The Twelve Day of Oily Christmas, at least)

On the first day of Christmas, oil gave to me… a lost bull in a bear tree.

On the second day of Christmas, OPEC gave to me… 2 deferred production cuts (2.2 million deferred barrels actually, but who’s counting?) and a lost bull in a bear tree.

On the third day of Christmas, the Fed gave to me… three rate cuts (because who doesn’t love cheaper money?), two deferred production cuts, and a lost bull in a bear tree.

On the fourth day of Christmas, Elon gave to me… four SpaceX subsidies (helps when you run a government department, doesn’t it? Allegedly, of course), three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the fifth day of Christmas, Starmer gave to me… five Starmer rants (about nothing specific), four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the sixth day of Christmas, OPEC gave to me… six secret meetings (because nobody wants to ouch like hell, do they?), five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the seventh day of Christmas, the market gave to me… seven is the new $90 per bbl (because oil’s been stuck in the 7s all year), six secret meetings, five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the eighth day of Christmas, Greta gave to me… eight Greta’s frowning (because fossil fuels are still thriving), seven is the new $90, six secret meetings, five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the ninth day of Christmas, the Permian gave to me… nine shale CEOs sweating (because is $70 for WTI breakeven? Still, drill baby drill), eight Greta’s frowning, seven is the new $90, six secret meetings, five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the tenth day of Christmas, the Kremlin gave to me… ten pipelines leaking (not sabotage, just poor maintenance), nine shale CEOs sweating, eight Greta’s frowning, seven is the new $90, six secret meetings, five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the eleventh day of Christmas, Trump gave to me… eleven Truth Social posts (best oil ever), ten pipelines leaking, nine shale CEOs sweating, eight Greta’s frowning, seven is the new $90, six secret meetings, five Starmer rants, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lost bull in a bear tree.

On the twelfth day of Christmas, the market gave to me… twelve months of volatility, eleven Truth Social posts, ten pipelines leaking, nine shale CEOs sweating, eight Greta’s frowning, seven is the new $90, six secret meetings, fiveeeee Staaaaarrrrrmer rantsssssss, four SpaceX subsidies, three rate cuts, two deferred production cuts, and a lostttt bullllll in a bearrrrrrrr treeeeeeeeee.

Merry Christmas, one and all.