alix: i am alix steel, welcome to bloomberg commodities as we focus on the trading behind the hottest commodities with the smartest voices. it's a get the data dig, we look at the top stories of the week. we had a big rally in iron ore, higher inflation, copper and pipeline shutdowns. let's start with the latest inventory data. it sets the stage for the colonial pipeline closure. this is a combination, distillate and gasoline stockpiles in the lower atlantic. we did see a big draw over and pad one by 1.6 million barrels. you did see gasoline rises little, but overall, inventories are lower than normal. that is headed into the summer driving season. they are at a five-year low already this time of year, and inventories sought 1.7 million barrels. the other hot topic this week, iron ore. in theory, that was our steel mill margins, you buy iron

ore and make iron products but demand is so high, so we have not seen that. this shows the stocks of different products over in china and rebar, the blue line, used in construction, sought inventories followed by 1.2 million tons the past two months. that means mill owners seat record profits like $197 a ton in april. a caveat, it might be clamping down on the higher commodity prices so watch this space. and then to the story of the week. these pictures are up, gas lines today, right here, and these pictures have gas lines in the 70's during the opec oil embargo. they look similar. so has been the effect on gasoline prices at the pump? aaa has seen the highest level in about six years, going all the way to three dollars a gallon. there could be relief on the way with colonial pipeline starting

to reshuffle gasoline about mid-day today. let's get into the ring. stay with this story. one way to look at it are differentials in the spread within the market. this shows us what it is. new york gasoline prices are currently higher than u.s. gulf prices, reflecting a tighter supply on the coast. with pipelines restarting, how long does the spread widening last? jeffrey baer is joining me, joining us from houston. we get the pipeline starting up today, when are we at full capacity? jeffrey: into a week or more, some will start getting served today, so it will be some starts for a couple of days. we are seeing gas come out of louisiana and houston right now in the hundreds of thousands of barrels an hour. things are moving. alix: the government has tried to do some stuff to make it easier, like waving the jones act, etc., what more can they do, what have they done and will

it help? jeffrey: the psychological impact of the jones act is important, showing the government is doing something. though ships need six days to seven days to get from houston to the east coast so not a rushed solution by any means. they have stricter qualifications on summer gasoline, and that means it is more flexible at the market and gasoline will get to the drivers a little bit sooner in those states. georgia is one of those. alix: do we have an idea of what it takes to like restarting pipeline? how hard is it? jeffrey: the fuel is already in the line when the cyberattack happens, so it is not a matter of getting more fuel into the line, they have to test the system at every length and make sure the flow is fine, there have been no leaks, which there are no indications. it is not an on and off switch situation. it takes a while. they are promising deliveries to all markets today. that is a sign of progress. alix: jeff, thanks a lot.

jeffrey bair joining us from bloomberg. time now for commodities in chief, where we talk to an executive. today is the managing director of sustainability at delta airlines. the airline industry has grain baggage. by 2050, more than 12 billion passengers will fly every year, more than 63,000 commercial aircraft needed. that means aviation fuel demand will top 14.2 million barrels per day. emissions will exceed two gigatons of co2 a year. here are some options, a battery like in a tesla, hydrogen, but that requires an entirely new plane, or sustainable aviation fuel made from bio waste or cow methane emissions that can be mixed with jet fuel. they can emit as much as 67% fewer emissions in their oil equivalent, but they are not

magic. they would only mitigate a fraction in 2050, less than 1%. plus, the economics are not great. there are only two producers right now and prices are eight times more expensive than regular jet fuel. delta aims to replace 8% of its green fuel and agreed to by millions of supplies from two startups the next years. icon up with -- i caught up with delta and asked what the company engine will look like in 30 years. >> there is not one answer about this looks like in 2050. there are some things that are here and coming shortly and then longer-term technology. what we have right now is sustainable aviation fuel, made from bio organics or biofuel, but it could be made from synthetic fuel in the future. that works with our current infrastructure and that could work on planes we are working on today which will be in our system for a period of time. what we are seeing in the future

is battery electric, like a tesla, which you might see in short range flying or hydrogen as a fuel, which is what airbus proposed, but the thing with hydrogen as it completes a complete overdue of the entire infrastructure, so i think when you think about 2050 the way we are thinking about a come along hall flying will likely be done with a mix of sustainable aviation fuel. today's infrastructure, hopefully lighter infrastructure, different composition of the airplane itself, and then the shorter haul flying through electrification. alix: can you make sense to how much sustainable aviation fuel you can use today and what you hope it will be? amelia: today we can blend up to 50% of our jet fuel composition, made with sustainable aviation fuel, which exists. there are two main suppliers and a lot on the market. the biggest problem today is the cost is three times to five times higher than conventional jet fuel, which is dampening the

demand, as well as the supply. what you see across the world, but i will narrow in on the united states, biden indicated support for an incentive in disk space. the tax credit would help bridge the tax on the price policy. alix: as you do more research into the field because you mentioned aviation fuel, hydrogen, and the battery electric vehicle like a tesla, what else are you researching? you have to be putting more money into other options the next 30 years. amelia: i will call out two things that are interesting. one is well-known, direct air capture. direct air capture essentially looks like a mechanical tree, if you imagine it sucking the carbon out of the atmosphere and putting it on the ground or using the carbon for new ways to produce a new source of synthetic fuels, like i talked about a second ago. now you have a new lifecycle of how carbon is used. that is an exciting proposition right now. we are seeing a lot of startups in that space right now. it is not economical in any way, shape or form, but like any

other vehicle like electric cars, the price lines will come down over time. we are confident it will be a big part of our world. when it comes to long haul flying like sustainable aviation fuel, that is where direct air capture can continue to support. the other when i mentioned is we have close partnerships with m.i.t. to beyond what there is beyond jet fuel coming from the aviation industry? some things identified or other variants of greenhouse gases, or another as contrails, the white things you see in the sky, there isn't a lot of study, but we see more and more that has a nearly large impact on climate change. alix: if you had a higher carbon price, would that make sustainable aviation fuel competitive with jet fuel and help? amelia: we are open to all of those items. we do watch what is happening in europe right now, and we recognize and understand the benefit of how that higher carbon price has come into the market and spurred change. focusing on the united states,

again, our efforts with the biden administration are on sustainable aviation fuel in the tax credit. we think that is the one single thing we need to be able to spur production. alix: that was my conversation with amelia deluca, managing director of sustainability at delta airlines. time for the commodity kicker. did you know there is a chicken shortage? seriously, what the cluck. the blame is on underperforming roosters. tyson says chicken supplies are struggling because the new roosters they have used for breeding are falling short of egg-spectations. it is ruffling feathers as prices are going through the roof. a tyson executive says they are working to replace them by the fall, but there could be a lingering supply hit that carries over into next year. that is no yoke. time for commodity radar, what to watch, the mississippi river,

currently shut near memphis because of a crack in a bridge that stranded more than 700 barges of ags, metals, and it sends grains along the both of mexico and is sustained average means flow exports and that means lower corn prices prayed that wraps it up for me on bloomberg's commodity edge. catch us every day at 1:00 p.m. in new york, six clock p.m. in london. this is bloomberg. ♪

>> it is 1:00 p.m. in new york in 1:00 a.m. in hong kong. i am kailey leinz in for matt miller, welcome to bloomberg markets.

here are the top things we are following around the world. we speak to the ceo of trulieve on first-quarter earnings report and you will hear to a former ambassador of canada on reopening the border and the other pipeline issue getting overshadowed this week. we talk to the president of the council union which represents around 40,000 disney employees. first, let's get a check on the markets. it is two different stories when it comes to upside inflation surprises. cpi ahead of expectations and higher yield, lower equity markets. today, ppi surprises to the upside but not the same reaction. equities are broadly higher, although we are around session lows on the nasdaq 100, it is underperforming, up .7. yields are moving lower, down about two basis points on the 10 year treasury yield to 1.627%. weak demand for the 30 year

option happened at the top of the hour. i will have more in a second. in other asset classes, dub uti crew down 4%, headed for the worst day since early april, all about the colonial pipeline restarting operations could help ease fuel shortages across the southeast. good news for americans looking to fill their tanks with gas, less good news for the oil markets. back to the 30 year action, which i mentioned, it happened about 14 minutes ago, met with weak demand and has the 30 year treasury yield climbing out session lows, shy of 2.4%. with us for more is katie grayfield, asset reporter, not the best takedown. are we as worried about this as we were about the seven-month auction a few months back? katie: probably not as worried. it was a soft action and you saw that ratio coming a bit lower than the previous three year option. all of that tells you -- three

year action. all of that tells you demand wan yesterday. not to mention, got the fastest monthly gain since 2009 yesterday, so inflation is doing well here and that we have put buyers on the sidelines. kailey: i am still looking at treasury yields lower on the day after an upside surprise and tech stocks in the green. why the different reaction from yesterday? katie: it is interesting. if you dissect the 10 year yield, it is made up of break even rates and real rates, the rates you get after you trip out the excess inflation. they have been dropping and

dropping. that probably is a factor of a big payroll this yesterday, higher inflation than expected yesterday. that is combining to really push that growth expectation down. that is really laying on nominal treasury rates, even as you see inflation expectations rise. kailey: i have to ask about bitcoin because, yes, elon musk you turning on whether or not you can buy tesla with bitcoin -- u-turning on whether or not you can buy tesla with bitcoin and you no longer can. is that the only reason we are seeing the handle? katie: what a day for bitcoin. this mostly has to do with elon musk because he almost has a cold following in the crypto world at this point. to see him bring up those energy uses concerns, that is a sore point for the crypto community, laying on bitcoin's sentiment. bitcoin does not have any fundamental cash flows or news at all, so this is as close as you can get.

that is really weighing on the cryptocurrency right now. kailey: indeed. katie held, thank you -- greifeld, thank you. it is time for the stock of the hour, they prepared to report earnings for the first time today after the bell. ritika gupta joins us with more prayed what should we expect? ritika: coinbase reports its first-quarter earnings, digit ipo last month and it reports in a week when we see how volatile bitcoin can be. i expect profits to come in double that of 2020 and revenues to come in at $1.8 billion, more than the annual revenue of 2020. these could be more unpredictable going forward because a lot of it hinges on price and volatility of bitcoin. the shares have also had a volatile wild ride. we are off the lows of early in may, but we are off the highs of about $342 per share, record

here. a lot of this could be blamed on the fact that there is so much competition in this space. other traditional banks offer these services and other crypto exchanges, as well. kailey: bloomberg's ritika gupta, thank you, looking forward to the earnings after the bell. still ahead, we discussed the outlook for the cannabis industry with kim rivers, the ceo of to leave cannabis --trulieve cannabis. this is bloomberg. ♪

kailey: this is "bloomberg markets." i am kailey leinz. i want to talk about sabine that caught my eye. we talked about the selloff in cryptocurrencies, starting with elon musk saying you cannot in fact use the coin to buy a tesla and the losses are accelerating after a bloomberg scoop that

finance is probed by the u.s. for money laundering and tax reasons. granted, other than today, it has been a phenomenal run for cryptocurrencies. they heavily surged ahead, the yellow line i am looking at at this chart. it is bitcoin. for a while bitcoin and cryptocurrencies were trading in tandem with cannabis stocks. that has started to diverge with cannabis stocks losing a little bit of their luster. let's get more on the cannabis industry and bring in kim rivers, the ceo of trulieve cannabis, which reported first-quarter revenue that beat expectations. kim, thank you for your time and congratulations on the quarter. let's talk about the picture going forward. as the economy reopens and people leave their homes, what is that going to mean for cannabis demand? kim: thanks for having me, first of all. cannabis demand has never been stronger. the fundamentals of our business and u.s. cannabis in general are incredibly strong. with our first quarter we just

reported, we had 102% year-over-year growth. again, we are in line with our peers. the fundamentals of cannabis are stronger now and they will continue to get stronger. kailey: of course, it helps as more markets legalize recreational cannabis. we have started to see more and more states do that, but to what extent is your growth limited as long as that is something happening on estate by state basis? -- on a state-by-state basis? kim: demand is exceptionally strong and we are seeing states get on board all the time. while we don't have form 80 across the u.s. as it relates to cannabis laws, that is a different from what we saw with alcohol. really, this is the time i would say to be involved in cannabis if you are looking at cannabis as a sector because we really are on the edge of a transformational moment in u.s. history. it is the end of prohibition.

again , we see demand incredibly strong across the markets we participate in with new markets coming on board all time, not just on the recreational or adult use but medical side of things. conservative states like georgia, alabama, this is to become a louisiana, you know, on boarding medical programs, and in addition, like he said, a lot of states transitioning into adult use. the story is just beginning and will continue to explode. kailey: you mentioned the issue of uniformity nationally. could we see comprehensive federal marijuana legislation in the near future? kim: that is the question of this legislative session. we are all waiting with bated breath for a bill to come out. we saw we caught a lot of folks by surprise. the republicans in the house put forth their version of cannabis reform yesterday, which was exciting to see. i think certainly there is a will within this congress to do something as it relates to marijuana reform. i think the question is how much

and how comprehensive will that package be? i think overwhelmingly, we believe safe banking today would pass on a bipartisan nature. now it is folks who want a little more, over and above safe banking, and we are like everyone else, waiting to see what it looks like. i think there is an appetite to get something done within this congress. kailey: what do you need to do to prepare your business for potential nationalization? kim: exactly what we are doing. it is important for companies to think near-term and long-term. what i mean is because of the federal landscape, there are significant constraint on cannabis companies as it relates to access to capital, tax breaks under 280 e, we are taxed at higher rates because our businesses are deemed illegal on the federal level, even though we operate under state law. we need to be prudent with capital, which has caused us to be financially disciplined. also, we need to start achieving scale. when you look at the trulieve

platform, in florida, we have over 2 million feet of cultivation with over 80 locations and distribute over 500 products. that is a model we intend to replicate as borders collapse. we also look to the northeast hub with significant operations in pennsylvania, massachusetts, connecticut, but how we think about supply chain and distribution model, this is not different than a lot of other businesses. it just so happens we have to navigate a relatively choppy regulatory framework across the country. kailey: we only have about one minute left, but you announced the plan to buy harvest help for $2.1 million, anymore mna question mark --m&a? kim: we will continue to be opportunistic and stay in line with core values in line with core values and the markets we operated. we are looking at the demand power that the u.s. population has around cannabis. an exciting time. kailey: thank you for your time, that is trulieve ceo kim rivers.

coming up, the other big pipeline story of the week. the michigan shutdown order of their pipeline. we dig into the politics with bruce heyman, former u.s. ambassador to canada. first, a quick check on the markets. we have equities higher across the board, but the nasdaq 100 is losing steam as the session grows older, only up about .3 relative to .8 games for the s&p 500, the treasury yields down two basis points, shia 1.67%. that weaker -- i of 1.57%. crude off by four percentage points as colonial restarts operations. we will have more on pipelines, next. this is bloomberg. ♪

>> house speaker nancy pelosi says companies like colonial pipeline should not, the speaker

was asked about ransomware attacks. colonial pipeline paid nearly $5 million last week after a ransomware attack on their system. >> this cannot be open season for hackers who can make money off of a threat. even if they don't go as far as crippling the entity as with colonial they did not. >> speaker pelosi added that supplemental spending bill may be filed today and may be considered on the house floor next week. colonial pipeline says it expects the majority of its market to get delivery sometime today. statement on the website says they are making substantial progress following that

cyberattack. jennifer granholm has said it would take days to fully restore supplies while colonial claims it will get its physical operations up and running. hurricane risks are still high in the atlantic him and though learning yes power over global weather patterns has faded. that's from the u.s. climate prediction center which says la niña could return at the end of this year and cause, last year saw a record 30 named storms in the atlantic. the 30 year average is 14 storms during hurricane season. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumptom --crumpton.

this is bloomberg. ♪ >> welcome to bloomberg markets. i'm amanda laying -- amanda. in just a moment, we will speak to bruce heyman, the former u.s. ambassador to canada. we will discuss the latest numbers and how it could affect wages. ahead of disney's earnings, we will speak with -- >> we are watching markets a little more positive action for equities.

inflation remains one of the key stories showing up on the producer saying perhaps transitory. you can see as and p virtually unchanged. -- you can see the s&p virtually unchanged. all but energy had been higher. energy is correcting a little bit. you see the price of that commodity come down. you have seen a across utility and tech. we are seeing a tone and attitude. there is a bit of crossing that should be positive for anybody that wants to return to normalcy. the cdc is saying that as soon as later today, they may issue new guidance on vaccinated people and the requirement that they wear masks. the updated guidance reportedly that the transmission rate for

vaccinated people is very low. no risk or low risk. the mask wearing advice may change for vaccinated people. for what it's worth, nancy pelosi says they should not pay ransom but that's what colonial pipeline did. that is a relief to the many along that route that had been worrying about gasoline shortages. we had seen that showing up. that pipeline will get back to normal operations soon. kailey: certainly relief for americans who have been panic buying acellena in some states and unable to find gas. the $5 million ransom, i would say $5 million does not seem like a lot.

that signals the hackers of the future. amanda: it's raising all kinds of questions. people in the industry said we need better protection from this kind of cyber risk. it also highlighted somebody that is very much in the news and that is the north american infrastructure and how important it is. pipelines are on our minds. one pipeline, which runs under the great lakes, the governor of michigan is threatening to shut down. it's been a very contentions -- contentious situation. i have wondered what you think of it, bruce. it's astonishing to see a governor of such an important state for canadians taking on an

issue like this that is more theater than anything else. she can't shut the pipeline down , but it's not a very late that she can shut the pipeline down, but it's not a neighborly thing to do. bruce: you are absolutely right. from a state perspective, people have to take into consideration the history of what has happened. anchorage had a pipeline fixed that broke and spilled into the kalamazoo river. it was nearly one million gallons of oil coming in from canada. ecological damage. you have the flint circumstances that took place where a lot of people were impacted by drinking water. they pride themselves in that. is this the right approach? canadians, who depend on this

energy source are equally concerned that this could get shut down. this is going to end up in the courts. this is an issue between the state of michigan and anchorage. and the canadian government has encouraged anchorage and michigan to work this out. i think that's where the u.s. government is on the federal level right now. it's going to end up in the courts and hopefully will be a resolution. >> this is not the only thorny pipeline issue that has arisen between the u.s. and canada. how is the dialogue around the energy flow going to change under his administration? bruce: that's really good question. i think the president has used this language in the past. we are currently dependent upon fossil fuels. we need them. canada is our number one

supplier if we don't supply ourselves. that being said, we also need to pipit because of climate change and the issues. we need to reduce -- we need to pivot because of climate change and the issues. the administration is sending clear signals. we need it now, but we are going to face this out over a. of time. it is not appropriate to invest long-term infrastructure, but canada is an important supplier of this energy. hydro, solar, wind, etc. it's a clear message to the industry that the united states of america is going to pivot off fossil fuels over the long haul. >> something that canada is working to do on its own, the relationship in general as we

talked about the hope that biden would set a different tone, but we still have contentious cross borders. do you think we are in a good place right now as we move to reopen? that -- reopening that border might be the next issue. bruce: let me be completely clear. the u.s. and canada have repositioned the relationship from the very first day of this new administration. appropriately putting canada at the top of our most important relationships that we have in the world. the administration has done an incredible job and working directly with the canadian government, not only at the presidential level, the vice presidential level, the secretary of state, many cabinet members have reached out to canada from ground zero at day one. they have established what is called the roadmap.

it should be taken very seriously. it is a way to work together. we are going to have differences. have two different countries. we are going to see things through effort lenses, but that should not define the relationship. with regard to the pandemic, we both have been hit by this quite hard. i feel for my canadian friends who have been hit with this last wave with lockdowns and it hurts me. that being said, i see the ramp up of vaccines taking place in both of our countries and i am hopeful we open the shared border in an appropriate way because so many people rely on trade, travel, people have reached out to me who have missed their family members. we need to get this border open in an appropriate time but as soon as possible. >> where are the biggest

fraternities for cooperation between the u.s. and canada at this point in time? bruce: i'm glad you asked that because i think today, there is a huge opportunity to relook into the u.s. canada relationship. this is our most important relationship today and i say that the last administration putting tariffs on canada on the cause of national security, steel, aluminum, threatening them on a transactional basis. i think we have an opportunity to look at a more expansive way of recognizing the importance of canada. we have done it in nato. we've done it in nafta. maybe there's a more comprehensive way of acknowledging this. that think the first place to look is our shared border. we have about 120 border

crossings. i think we should take a look at new technologies to make that border much more flexible. i think the other way to look at this is the u.s. is going to look at industrial policy for the first time in a long time. i would encourage the united states to look at canada to be part of that supply chain. out of the national security of doing things together, 80% of the canadian population lives within miles of the u.s. border. this is our most important ally. >> our many thanks to bruce heyman. coming up, pricing pressure. how today's ppi adds to the idea

that inflation is booming. we will discuss that next. this is bloomberg. ♪

♪ kailey: this is bloomberg markets. the biggest within that index but the market as a whole is trying to get its head around the inflation we've seen over the last two days. the ppi rose more than expected

in april. joining is now is senior economist. we know inflation was going to be higher in the spring months. the question is how long does it last? >> probably peeking right now. that is behind us, but what is happening is is happening beyond -- is happening beyond. if you look at the ppi report, you will see both goods and services prices contributed to the increase almost equally. on the good side, you see that bush pressures building.

when raw materials -- you see push pressures building. on the services side, you see the reopening of the economy is pulling prices higher because there's so much more demand for services like traveling, vacation, transits and things like that. kailey: we are going to leave it there. thank you so much for that. bloomberg economics. speaking of services, we are in the reopening of the economy. waiting for disney's results. one place where there have been signs of life. we are going to talk to the man that has the union that represents some 40,000 disney employees. matt hollis is with us. stay with us. ♪

♪ amanda: this is bloomberg markets. the essence of it is the president is saying he is willing to compromise. he is meeting with the senators in good faith. what comes out of that meeting, i see it as an important test of resident biden's ability to get this bill through and compromise. we will continue to monitor. we will also monitor markets aztec takes a turn for the worse -- as tech takes a turn for the worse. disney expected to report its earnings. it's going to be an important one as bloomberg carolyn hide reports. >> disney's business model was

an example of the hit by the pandemic. theme parks all shut down affecting thousands of jobs. >> tourism in the central florida is what makes up the bulk of the business. it really is a tragedy for thousands of workers and thousands of floridians who are in desperate need of help. >> it wasn't all bad. disney plus took off as people stuck at home turned to television for entertainment. >> we are incredibly proud by how much has been embraced by peeper despite people around the world. -- embraced by people around the world. >> cutting 28,000 jobs to major re-urbanization, things are starting to look up. -- major reorganization, things

are starting to look up. >> this demand is at disney. >> there are places around the u.s. that are virtually sold out at this point. >> there forecast >> -->> we welcome matt hollis who is president of the union representing employees. matt, thank you for being with us. let's look ahead as things start to reopen. what is the picture for your members? matt: thank you for having me back and i think we are seeing things, when the pandemic first

happened, we never imagined it would take as long as it did to start the rehires. but we have seen very good progress and a large majority of our workers are already back to work. there's a small syrup -- there's a small percentage not. there's a little over 2000 that have not been called back to work yet. as the other resorts, online, that will increase. we will see them get back as well. >> when you see disney fully staffed? >> that's hard to say. the business decisions, business models are not subject to our negotiations. we have been very surprised and pleased with how the recall rate has gone. it's going to depend on when

these resorts come open. as people continue to get vaccinated, we are going to continue to move at a very good direction. >> would you expect to see wage inflation? >> our last agreement that we reached as disney had his final wage increase happened in october. that will move the starting rate to $15 an hour. that will be the minimum starting rate for employees. work hard to achieve that agreement. i think there is a lot of that i think there's a lot that already exists in our collective bargaining agreement. -- i think there is a lot that already exists in our collective bargaining agreement. i don't think that we are ready.

i would say that disney has done a great job making vaccines available. i think, for the most part, they are seeing a good rate. the u -- the union is trying to encourage workers to get vaccinated if they are ready to do so. >> great to have you with us. matt hollis. i'm amanda lang. this is bloomberg. ♪

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>> the biden administration to rarely shipping requirements so

a single foreign tanker could transport jet fuel and gasoline to the west coast. a short time ago, president biden urged americans to purchase what they need and not board fuel as supplies are restored. he also warned against price gouging. he said it's clear that united states must do more in terms of cybersecurity. he added that the u.s. is not ruling out retaliatory cyber attacks. bloomberg has learned that colonial paid nearly $5 million to european hackers contradicting reports that the company had no intention on paying an extortion fee. could not -- colonial said gasoline delivery is underway and most of its markets. the pipeline stretches from texas dinner jersey -- from texas to new jersey.