what do you make of the eia data? guest: big draw. surprised.g for a small increase. but remember, we saw a surprise last week when we saw such an influx of oil. this might be more of a correction than anything else. the problem with oil is iran, the unknowns, and now the saudis say or they -- the saudis saying they are going to make some oil available to china. markets are very worried. what if something happens between iran, the straight of hormuz? you put all these ships in one narrow area, things happen. guy: is the risk on the upside or downside for the price of crude? ira: i think the risk is to the upside. guy: in terms of the trade narrative, is that the biggest factor in terms of setting the price if we do see an escalation of the trade conflict between china and the united states? presuming that will have a big impact on demand. worldt should because economies will all get hit. jamie dimon was pointing out europe, asia, everybody gets affected by what the u.s. and china do. if you think world demand for energy goes up if we go into a m

we did seee market, a substantial draw on the eia data out of the united states. we are seeing some price action to the upside, brent trading back above 70 elders a barrel -- above $70 a barrel. taylor: looks like a bit of an improving picture here in the u.s. we knew the s&p 500 was right around the 50 day moving average. perhaps some of the buyers coming in today. starting to see a bit of an improving picture after the big selloff monday and tuesday. the vix is also coming down. , it is really easy to get panicky, so perhaps some of that fear coming down a bit. it looks like that has been lifting up. you're seeing price down, yields up around 2.46, where we were yesterday. an improving picture over here in the u.s.. guy: stabilization certainly seems to be the order of the day right now. we will see whether it continues. the question of the day, our markets still too complacent about the prospect for trade peace? >> market for dissidents are a veryy all pricing in high probability of a trade deal being reached as early as this week. >> i think markets are probab

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inventories and eia equally data. you are seeing them cutting and as we the u.s.ead into the high demand summer season, i expected to be closer to 75 as we get closer to the opec meet them in the an june. vonnie: thank you, joseph. time now for the latest bloomberg business flash with a look at the biggest stories in the news right now. ford eliminating 7000 jobs on the world as part of a restructuring process. designed to shrink things by 20%. the fcc chairman says that he recommends that the t-mobile sprint deal be approved. one of the confessions their offering is a pledge not to raise prices while the five she is being built. -- five g network is being built. an uphill climb for profits in the second half of the year. electric carmaker's predicament as a code red situation? cutting price target again for the second time in two months. that is your latest bloomberg business flash. how the cooling relationship between president trump and kim jong-un may prevent further talks with north korea. --s is "bloomberg markets vonnie: this is "bloomberg markets." running

the eia expecting production of nearly 12.5 million barrels a day, up half a percent from the april forecastit's good to have you on the program. thank you for joining us. >> thank you. maria: what's your take on the backdrop this morning in terms of what's driving the price? >> you know, we've seen a constant price here over the last several months which is good for the industry. i think there's a lot of factors that impact it. what people have to understand is the price we talk about is the price next month. the forward-looking curve over the next year or two has prices coming down 5 to $10 a barrel. at the $70 brent price which is what we get in the gulf of mexico, it's a very comfortable price for us. >.maria: steve forbes. >> this is steve forbes here. why hasn't there been more attention paid to offshore drilling? it's something that was once high in the news and now seems to have almost been forgotten but there's a lot to be done there, right? >> great question, steve. the gulf of mexico in our view is misunderstood, under-invested and under-appreciated by the investment community. th

lanstster: if youou look at data provided by wwwwf, global l wit, aand eia, you find that not only are we e going into a record-breaking year of lan defenderers murdered t to protet their forest and environment, the u.s. economy is depressed by about $1 million due to illegal logging imports, and illegal logging is ththe third-largest trans-nanational c crime. goddard: a tree, in fact, is more complex than we know. it has more chromosomes than wee have. it can easilyly be a victm because it may be illllegal to takke that spepecies, dependingn what genus and spspecies itit ir wwhere it's locateted. lalancaster: trees can b be poad just as any sort of traditional wildlife can be poached. if you can't identify it, you can't protetect it, and so our gogoals really to dedevelop a database that can be used, hopefully one day, by anybody y in thehe worln order to do this sort of identificication to help ththem fight illegal logging. huff: a lot of cases we've had, it's very difficult to prove that wood wasas obtained illegay once it gets processeded in a mill oror once it's rememoved fm the n