joining us is dan pickering, chief investment officer at pickering energy partners. he past 60 years, even in recessions, oil demand globally has only gone down 10 of 60 years, dan that's important to remember, that oil demand is very inelastic in most cases. but what are you watching, of course, besides fedex? >> sure, brian good to be with you. i think the thing you watch on a short-term basis is inventories. we get really high-quality inventory data every week in the u.s. and what that data is showing us now, it's been a little sloppier in the last month, let's say, but as gasoline prices have come down, it's moderating. and so we have absolute low levels of inventory and u.s. inventory is basically showing a picture of okay demand, not great demand, but certainly, nothing terrible showing up yet. >> i look at weekly product supply as they call it, it's fluctuated a bit, but it's remained fairly robust and let's not forget, the price of oil, despite the biggest spr sales in the history of america, and china being locked down, the price of oil is still at al bucks a

dan pickering and bob mcnally, president of rapidan energy group. bob, i'm going to start with you. i don't want to make too much of this it was an op-ed from the iea, respect him very much, and the financial times today saying basically fear mongering, germany's going to be just fine. but when i see $3.5 trillion in numbers thrown around, i see electric and heating bills up 2 and 300% in the fourth biggest economy in the world with many banks exposed, how big does this get or is this as bad as it gets right now? >> you're right to make something of it. i think historians are going to look back at the last few days and call it the inauguration of not an energy war in europe, but a world energy war germany gets over half its gas f from nord stream one and they ripped the pretense off. the russian minister said we're not playing games. these sanctions aren't coming off for a long time. they're getting worse. it's hard to see how germany and central europe, slovakia, hungary, aren't going to have rationing and gas outs this winter >> let me ask you, bob, let me jump in. sorry to interr

picker upper. dion: thanks so much for watching, everybody. dan: back now, with this that is a million dollar.aren sports car in hurricane ian's floodwaters in bonita springs, florida, one of the owners says it was only two weeks old. they lost their house as well and by the way is expected to arrive near myrtle beach, south carolina today later this morning, in fact, with winds of at least

dan niles. >>> we do have a news alert on the ipo market for that we'll turn to leslie picker. >> hey, carl, yes. just the latest victim of the ipo drought that we've been experiencing this time it's chobani known mostly for their yogurt. they filed a request to withdraw their registration statement for their s-1 with the s.e.c. saying that they have decided not to pursue at this time the contemplated initial public offering initially it was reported that they were looking to debut in the fall of 2021 that was then pushed to the early winter, early spring this year then it was reportedly delayed even further there were executives that had left the company as they grew impatient about this ipo that never was to be. ultimately it could pop up again but at least at this point in time given the contours of its registration s-1 not in this current environment. they were reportedly seeking about a $10 billion valuation. just given the recent market volatility, the lack of ipos, the lack of interest in ipos, it's just one of those companies that decided now is not the right time, carl. >> certainly ref