global sacs head of monitors research, jeff curry, downplaying the hike a little bit. ff: does not change anything. when we think about what they did, they compressed three production hikes into two months. so it doesn't really change the terminal level of production. the market tried to price in a much bigger terminal level of production over the last several days. what you are doing is getting a rebound rally to levels where we were before a lot of these rumors hit. i think the key message here is that if you distribute russian supply across other members of opec, they can't even hit their quota right now. so they are already significantly constrained, with the exception of saudi arabia and uae. you think about how does this change the fundamental picture, it really doesn't do anything and that is why the market is rallying. jon: that was goldman sachs head of global commodities research jeff currie. joining us for more is ellen wald, senior nonresident fellow at the atlantic council's global energy center. goldman sachs not impressed, although we should say the white

alix: that was jeff curry of goldman sachs speaking about opec's latest move. coalition increase the size of oil supply hikes by 50% in july and august. this is bringing forward supply that would come online anyway. turning us as the director researcher energy aspects, amrita sen. broad strakes, your take on opec-plus -- strokes, your take on opec-plus. amrita: it has pretty much been active for a while and i think you can see from what was played today, he did manage to increase production by a little more than the monthly quota increases that happened going on for some time. yet cap to the group together including keeping the russians on his side because essentially he bringing forward the deal and slightly more production. the reality is there's not a lot of spare capacity in the market other than saudi and uae so the volume will hit the market and be very minimal. expecting july and august only 560,000 to come to the market even though the headline quotas will be closer to 1.2 9 million barrels per day. anna: could to see you. there is symbolism here that h

alix: let's get more on oil with jeff currie, goldman sachs.lways a pleasure to talk to you. you get increased outputs. market was not expecting it. the oil price goes up. i don't get it. jeff: it does not really change anything. when we think about what they did, they compressed three production hikes into two months. it does not change the terminal level of production. the market tried to price in a bigger terminal level of production over the last several days. you are getting a rebound rally back to levels we were before these rumors. the key message is as you distribute potential russian supply over other members of opec, they cannot even hit their quota now. they are already significantly constrained in their ability to increase with the exception of saudi arabia and uae. when we think about how does this change the fundamental picture when we go to september, october, it does not do anything. anna: good to see you. does more oil more quickly not make any difference at the margin or the symbolism of opec-plus doing something different fro

if anybody knows the game they understand that jeff curry change basketball. little kids are all doing the two ball dribble now. there all trying to shoot from 30 feet. he change the dimensions of the court in terms of the way teens have to defend. shooters like steph. , trae young, damien willard. his mba goes far beyond trophies. >> talk about the army of little kids he launched into the sport that are maybe not the tallest like my own son included. they are like we can play this game. we don't have to shoot. he is proving that every day. he is more than shooting. we saw everything he did in his series he is incredible. >> he is not just a standstill shooter. he has become more of a score and facilitator. even went over nine from three and game five. his role in that game was to get other people involved because the way he was being defended it was hard for him to get looks. it was a complete -- he was a complete basketball pair -- player and the training he put himself through an off-season, he may be the best conditioned athlete in the nba. he probably run

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we'll do that with jeff currie >>> let's get to dominick chu.morning's biggest premarket movers i'm not creskin, but i've been called that. >> there are some earnings reports that are providing some of those positive cat lealysts the premarket trade. winnebago shares are up. this is after the rv maker reported quarterly revenues that topped estimates they soared to a record high, and winnebago was able to offset some of the input costs through price increases which in turn needs to improve its profit margins. investors seem to like the story even though it's lost 30% over the last year. this is korn ferry just a little over 2,000 shares of premarket volume. it reported quarterly profits that beat estimates. korn ferry was helped by a 30% jump in their fee income all that on balance. even though it's down 23% over the last year, it's still up 2% in the premarket some of these stocks down along side the rest of the market, airbnb, 3% down side, roughly 30,000 sheares of volume they think the post-pandemic surge in travel that we're all witnessing

in the mind of jeff curry. tom: that is the oil story. i think lisa chimed i got a three point 02% on the 10 year yield stopped our first guest will talk about that stuff these rt leaves of the shift of a new regime. jonathan: yields are up and last 24 --24 hours. tom: surprising what half a percentage move highlights how the central banks are trying to get ahead of the inflation they see that continue to have legs. there was a story on the bloomberg this morning about how supply chain disruptions are starting to ease a little bit. is it enough to bring inflation low enough unadjusted basis. there is a half a percentage point move into market expectations by year end by the ecb. here we are as a base case at year end. tom: can we do a dumb question? jonathan: there are no dumb questions. tom: how did japan get away with not raising rates? jonathan: the inflation backdrop is very different. tom: for so they say. jonathan: they cannot ignore what's happening with the bond market. for a long time, the center of gravity for the global market

manus: karma bull jeff currie.hony dipaolo, karma bull of the middle east markets, is here with us. let's step back, we have this six under 35,000 barrels -- six in of 5000 barrels -- 635,000 barrels hitting the market, but is this symbolic between biden? >> you saw a lot of speculation about something big coming out of that meeting. the market was underwhelmed, but we see oil taking a little breather, but we are higher now than we were going in. that shows you what we were expecting. this increase is not going to be enough to quell those price increases. and it's not going to be in up to quell the speculation about what could come in a bigger deal. there was a lot of talk about biden traveling to saudi arabia, to reach a deal on security and oil, revived that 70-year-old security agreement, and weapons for oil, basically. there will be speculation throughout the month to see if the saudis do more. and the big date is the midterm elections in november in the united states, and biden wants to see lower oil is is in

citigroup, his view that we will get down to 85 on brent in the less dutch next several months, jeff curry for 140 130 over the next 12 months. the ecb just around the corner, one hour away on the euro-dollar, just about positive. just about a stronger euro in the mix. 724. tom: we love the macro babel of the hydrocarbons into the world-class team at bloomberg leads on this. when i was to adjust his stop what you're doing and listen to the microanalysis of where a barrel goes, from 123, does it go to 133 or back to 113? paul joins of sankey research. i want to go back to the simmons gate, at deutsche bank, you do granularity like no one. reaffirm how expensive it is going to be to produce oil in america. cliques how expensive it is going to be to produce oil in america. while the cost will actually come down so they do have a lot of cash available. the covid lose, they said we don't have any money and that is where the major underinvestment in oil supply growth occurred. but now, if you look at the counts in the u.s., price spreads which is what you need to generate oil as well, they are b

within all of this battle over commodities and particularly hydrocarbons -- i saw jeff curry with uslier this morning. jon, european night gas speaks volumes. it is not out until february 24, but day by day there is a different hydrocarbon to get your attention. jonathan: the news from gazprom yesterday, maybe restraining some of the supply in europe. my gumby had -- might not be a massive story right now, to be a bigger one further down the road. tom: right now we are going to digress. this is a story that i think internationally needs to be told. should nixon was buried in 1967. there was a small matter of a war in vietnam, and resurrected his political career with a war on crime. and it worked. jack fitzpatrick -- jack fitzpatrick joins us now with a formula that was shocking on tuesday. jack, this is from brownsville to corpus christi texas, and on the grave of lbj, the arch texas democrat, the republicans are winning. and i would suggest, winning big . worried about crime, worried about the border, just worried about getting that hispanic and black vote they are not supposed to

this is about recession fears hitting all asset classes and as jeff curry said today on "squawk box,"re are also technical elements at play here, given the huge spread between oil and everything else. ultimately, what this means is that fundamentals are not driving this action. with that in mind, let's check on prices and wti down at 105.53 and biden saying he's doing everything possible to bring down gas prices, but there are many people who say such a move is more like a band-aid and doesn't fix the strukctural issues in the market and it will meet higher prices for producers instead of savings for consumers. tyler, back to you >> thank you very much pippa stephens reporting >>> a new report from mizuho shows the buy now, pay later delinquencies are accelerating and june will be a critical month for affirm which has seen its stock drop 80% so far this year joining us is the analyst behind that report mizuho's dan dolen to me it reminds me of a horse that has won a triple crown and this is not a triple crown stock, forgive me for being sarcastic, but you could have seen it coming wit

haidi: goldman sachs is head of commodities research jeff curry says oil markets are poised to get tighterhe summer. he spoke with alix steel and anna edwards. >> it doesn't materially change anything. when we think about what they did, they compressed three production hikes into two months so he does not really change the terminal level of production in the market tried to price in a bigger terminal level of production in the last several days so what you are doing is getting a rebound rally back to levels we were before rumors hit. i think the key message here is distributing potential russian supply across other members of opec, they cannot hit their quota. so they are already significantly constrained in their ability to increase with the exception of saudi arabia and uae. so when we think about how it changes the fundamental picture in september are terrible are, it doesn't really -- september or october, it doesn't really do anything, and that is why the market is rallying. shery: you can get around up of all of the stories you need to know to get your day going in this edition of da

maybe we will get relief on gas prices it hasn't come through we spoke with jeff currie yesterday. why wti will not come down this was a short drop and you will not get relief. here we are at $111. you are right, with opec meeting this week, probably not huge news to change things from that persp perspective. >> they are there in part to bring down the cost of oil and inflation maybe inadvertently pop in the near-term, becky. that is the whole thing. g7 not getting out of the way and not a lot of concrete action was accomplished at g7 they had a beautiful wood burning fireplace in that one room, becky. i heard it was hardwood and cherry and scent of the wood in the bavarian alps. not a lot happening. >>> let's move on. robinhood shares jumped after the crypto exchange ftx was considering buying robinhood reports that ftx was discussing a takeover of robinhood internally, but not made an offer. that stock halted on that report briefly. later yesterday, ftx's ceo sam bankman-freed denied the report. robinhood declined to comment. last month, bankman-freed took a 7% stake in robinhood

very easily, yes >> yes we spoke with jeff currie from goldman sachs he thinks we're in a period whereclimb, does that sound like a base case scenario to you does that sound like something you agree with >> i think jeff's come around to our view i'm happy to hear. we've been saying for some time this is not a cyclical story the reason we are here today and not, really nothing to do with russia, we were at $95 oil pri price, well before the invasion. this has to do with fundamental in investment now, even with these price signals, there is so little incentive, whether it be here, whether it be in the u.s. to reinvest because of esg concerns so the market is not functioning as it should that is why this is an instru destr destructional story. >> what do they have to do >> it's not just shareholder t's government i'm hearing from ceo s, it's starting to change especially because some of the european investors are sitting in their offices at 37 degrees celsius without air conditioning it's not a them versus us. >> really quickly. we've seen energy stocks lead the way for this market the en

that is off of $120 but still high joining us now is jeff curry, goldman sachs global head of commodity talking about how russia has been able to sell just as much, in fact even more oil than it was pre-sanctions and namely india and china and if russia is still selling just as much if not more oil, where would prices be in the sanctions actually worked and if india say got on board and said we won't buy any more oil like the g-7 ministers are trying to pressure it to do? >> i think you could look at product price and they tell you about where it would be. let's not forget, while crude oil exports are okay when we look at what is going on ott product side, you still lost 500, or 700,000 barrels per day of product and when you do the adjusted price, you're somewhere around in the 150, 160 range so let's remember, product cracks are at record levels right now. and even at last week, diesel prices kept going up even as wti and brent sold off which is telling you, in use products are substantially higher right now really driven by that loss of product. so i think it is important to look at