Demand Destruction Or Something Else? WTI Just Fell $3.30 -- June 1, 2022

Oil:

• Brend: down 2.8%; down $3.22; trading at $113.
• WII: down 2.9% down $3.30; trading at $112.

Oh-oh. 

Crack spread: new all-time high -- the WTI 3-2-1 crack spread exploded today, ending at $55 / bbl. I don't understand it and if I don't understand it, I know Joe Biden and his advisors don't understand it.

Jim Cramer apparently went "all-in" today on oil. I don't know. I haven't watched CNBC in weeks and have no plans to ever return to the network. Life is too short. 

Drop in price apparently due to "Saudi talk." LOL. Folks still don't get it.  

Baby formula: notice how this issue died as soon as the mainstream media quit reporting on it?

Hilarious: link here.

Living beyond their means, nothing new. Link here. But talk a depression may not be premature.

My favorite from the old days: Dean Martin.

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Tulsa, OK

Five dead. At a medical facility. Another mass shooting.