Josh Young, founder and CEO of Bison Interests, warns that global oil inventories are depleting faster than anticipated, with less than 10% of worldwide reserves potentially usable. He argues that the oil market has almost no capacity to absorb another supply shock, and that WTI crude fair value sits near $105 per barrel. Young remains skeptical that an Iran peace deal would provide lasting relief to global supply. He also emphasizes the critical importance of refined products like diesel, which could reach $200 per barrel, and cites Kevin Warsh to highlight an incoming massive currency debasement.
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