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b'Rory Johnston, oil buff and founder of CommodityContext.com, returns to Forward Guidance to explain why he is now \\u201ccautiously bullish\\u201d on the price of oil because of Saudi Arabia\\u2019s significant cuts to its production quota. He also shares in details his reading of crack spreads, crude differentials, speculative positioning, and shape of futures curve. Filmed on July 12th, 2023.\\n____\\nFollow Rory Johnston on Twitter https://twitter.com/Rory_Johnston\\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\\n\\nJohnston\\u2019s latest Substacks on Commodity Context:\\nhttps://www.commoditycontext.com/p/b93afa41-17dc-4d6e-9e75-ea9ca7da95f9\\nhttps://www.commoditycontext.com/p/120157df-fe5d-45b5-b19a-ed3a8bab88f7\\nhttps://www.commoditycontext.com/p/b93afa41-17dc-4d6e-9e75-ea9ca7da95f9\\n____\\nUse code GUIDANCE30 to get 30% off Permissionless 2023 in Austin:\\nhttps://blockworks.co/event/permissionless-2023\\n\\nResearch, news, data, governance and models \\u2013 now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/\\n____\\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\\nhttps://rb.gy/5weeyw\\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \\u201cDaily Debrief\\u201d Newsletter: https://rb.gy/feusos\\n____\\nTimecodes:\\n(00:00) Introduction\\n(00:21) An "Exhausting" Oil Market\\n(02:59) The Cautious Bull Case For Oil\\n(11:28) OPEC Cuts Can Support Higher Oil Prices\\n(24:20) Has The Chinese Re-Opening Been A Flop?\\n(31:36) Guyana\\n(34:22) Deconstructing The "Capital Discipline" Narrative About Oil Companies\\n(49:13) The Russian Supply Question\\n(54:55) Price Cap\\n(59:02) Differentials Between Different Types Of Crude Oil\\n(01:03:10) The Washout Of The Way-Too-Long Oil Bulls\\n(01:09:02) Futures Curve\\n(01:15:07) Recession Risk\\n____\\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.'