00:00I would point out, Joe, is that we have one of the highest correlations ever between 10- and 30
00:06-year bonds and crude oil price and the crack spread.
00:11Yeah.
00:12Look at the rates today. Look at the oil price.
00:15Yeah, I didn't mention it.
00:16The R-squared, since the conflict started, has been quite high, which tells me that it is an observable phenomenon.
00:29And once we get on the other side of this conflict, which we will, I think the oil markets are
00:34going to be more supplied than they previously were, and rates should come down.
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