we will speak with the energy department's deputy secretary and with goldman sack's jeff curry in a moment>>> plus, mind the gap the action, the story and the trade on gap and nord strum with their results today. swipe, pay and serve how one company is trying to solve the labor shortage in the restaurant industry with a touch of a screen. we have all of that coming up. >>> first today's market looking at red over there, dom chu. >> it is, but in one key part of the market it has been the epicenter for a while. the dow is down flat on the day, but we were roughly up 140 points at the highs, down maybe 76 or so at the lows if you look at the overall picture, it has been the focus on the nasdaq. the nasdaq at one point today was down about 1.6% overall on the session. it is down about 1.33% right now. the s&p 500, 4663, the last trade there, down roughly one half of 1% one of the key themes developing in the last few weeks has been a pivot towards growth and away from it. if you look at some of the etfs that track the growth versus value trade, the russell ticker is the white line. the orange

joining us is jeff curry, head of global commodity research at goldman sachs. good to see you.s. doing the exact same thing do you remember the super spike forecast of 300 from how long ago? ten years ago? >> '07/308 we didn't forecast oil, it was 150. >> there were worries of a super intiek, though, is it about time to start thinking about that again or is this sort of another head fake that will probably end before the pendulum gets there >> this is absolutely not a head fake this is very different than what we saw if 2008 now 2008 was a financial crisis driven by the too much liquidity. that squashed in the commodity markets and drove prices higher overall, particularly the china-focused commodities. this is a molecule crisis. we're out of many different commodities, gas the stream is critical the regeneral of the old economy. you know, put bluntly, returns in the old economy were terrible exam was redirected to the new economy, choking off the supply base and we're left with the problems we're seeing today. you multiply really strong demand on top of that, draw in our inven

wti crude down here to discuss is jeff currie thanks so much for joining us. is it the fears of the omicron variant pulling oil back we started to pull back from the $85 highs anyway over the prior couple of weeks. >> there's definitely a fundamental impact to jet fuel demand given the fact that what you are seeing here is countries locking down the borders and the international jet travel is likely to wane a bit and relatively small nothing like the decline in prices i think really at the core of what's going on in terms of prices is the fact that you have a negative gamma effect going on the whole curve is shifting down the shape is in a very bullish sign i like to say that time spreads don't lie and if this curve shape is downward sloping or b backwardation it is bullish. what's driving is the curve is shifted down without liquidity and through the strikes you get increased selling by the dealers getting shorter and works both directions and pop back up again. there's a negative effect here due to lost jet fuel demand and nothing like the prices are trying

i'm going to listen to ed morse, jeff currie, francisco blanch, and other experts. lisa: i do wonder whether the u.s. will follow through now that they have job owned the price -- they have jawboned the price down. we will wait to see whether that holds. today i'm watching the question, when have we reached the new normal? a: 30 a.m., we get u.s. initial jobless claims, except he to be a new post-pandemic low. we are getting down to where we were before the pandemic, so it what point can we say we have gotten there? right now the un-employment rate is 4.6%. the pre-pandemic low was 3.5%. is that what we are looking for? not a clock a.m., we've got -- 9:00 a.m., we got the cornell law professor who's had some choice words for the industry. expect a lot of controversy. keep a watch whether there is consensus among democrats. today we get another firehose of fed speak. again, who is not speaking? does it matter to get a sense of whether they are nervous that they are extremely behind the curve? jonathan: the president continues to engage with his senior economic team o

we will speak with the energy department's deputy secretary and with goldman sack's jeff curry in a momentnd the trade on gap and nord strum with their results today. swipe, pay and serve how one company is trying to

our phil lebeau out at chicago's o'hare airport >>> up next, goldman's jeff currie called for a commodityyesterday and he's not the only one seeing strength ahead rbc expecting higher prices and there's one name it says is more stable andttcte an araivth its peers. we will tell you next. look, if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better—xfinity mobile. now, they have unlimited for just $30 a month. $30. and they're number 1 in customer satisfaction. his number? delete it. i'm deleting it. so break free from the big three. xfinity internet customers take the savings challenge at xfinitymobile.com/mysavings. or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >>> welcome back to "the exchange." chef ron moving higher after being upgrated to $145 rbc believes the company will benefit from a strong kmodsty cycle in coming years and say they have a more stable portfolio than peers shares up trading around 117 joining me the cohead of european and energy research at rbc en

government as gesture that it seems like they're doing something, and hopefully moderates on its own >> jeff curryr there in the meantime, the consolidation can't be trusted technically. it's safe to buy the dips, tom liesman argues. >> you're not even unwinding that whole move you got. i do think that everyone keeps watching the supply response from private producers. >> although rsm looks at the spread, it does imply relief at the pump, and to the tune of 10% or 11% in the coming weeks, which would be helpful. >> something else we've been watching is power prices in europe it is important to the overall economy there. their second biggest jump i think yesterday. it's gotten cold the wind is not blowing the way they need it to. that is something we should be keeping an eye on, because, yes, of course gasoline prices in this country are important that's what we're talking about with the reserve, but power prices in europe could be a potential crisis, if it stays cold and if the wind doesn't start to blow. >> you never hope for it, but if things slow on the demand side, we'll see if it eases things

. >> i don't think to point demand -- i respect jeff curry best at the goldman he thinks oil prices goingupply takes three weeks to drill a shale well where he will as used to take three years to drill one in gulf this was supposed to be, something going to lead to much smaller price volatility, and that was -- to consumer -- and certainly big business but what happened policies pushed so hard against that esg, as well as government policy so now, 500 capex 37% energy capex in 2014, 10%, i saw, rrns to do raymond james report they expect -- oil companies to only increase production by one or invested by 1% this year, this is a big issue in the next two months, things could get much more acute much tighter than they already are the only capacity in the world is saudi arabia. and -- it is -- it is a big issue you just not going to see shale respond until crisis prices significantly higher major companies not veefg production they are under so much pressure, listening last week to earnings call not even close to increasing production. >> i know, it is incredible, where we are in this supply

curry abc 7 news, right? thank you. on the 27th anniversary of officer james jeff's death the san francisco police department held a memorial service to remember the fallen officer. jeff was killed in the line of duty shot by a carjacking suspect shelf was the first respond to the call of a man with a gun upon his arrival officer. jeff was confronted by the suspect who then opened fire with a semi-automatic rifle. jeff soldier brother says he loved his job. he would love nothing more than to be here with his fellow officers. working for the city. he loved being a san francisco police officer. it was one of the joys of his life. officer jeff served the san francisco police department for 10 years. he survived by two children. we have some developing news now out of the east bay of fremont police officer was injured after being involved in a major collision with another vehicle. this crash happened around 6:40 this evening on niles canyon road while the officer was responding to a call. we're being told the officer was transported to the hospital with non-life threatening injuries a passenger from the second vehicle involved

curry sat out last night's game against the pistons, but it did not stop the warriors from winning with the help of jordan poole and andrew wiggins plus forty-niners jeffnior is expected to start against the jaguars in sunday's game kron four's kylen mills has the latest. >> the warriors death tested in the motor city for warriors player set out their game against the pistons including steph curry and forward draymond green could the dobbs get it done without their star head coach steve kerr having to work some magic with this. where's lineup. whatever he it worked. andrew wiggins stepped up early hangs in the air check this out and the finish warriors out to a 17 to 4 lead late in the half. say if you're by want to anderson tomorrow teens back to jordan poole. he knocks down the tray 3 of his 22 first-half points by the way, dubs lead at the break. i 5 3rd quarter. gary payton, the second with his first start of the season fighting underneath for the board wrestles it away and the gpa to had 12 points. 4 years leads by 8 wiggins, the with the steal goes coast to coast. how about a dunker rue he finished with 27 points dug up by 13 and of the 3rd chris