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November 18, 2022 | Monday Morning Minutes

MMM Episode 92: Some Sweet and Sour Crude (Oil) Talk in the Face of a Dry World Cup

After a market review and recap of a relatively light macro news week (Nov. 14-18), hosts Jeffrey Mayberry and Samuel Lau field a listener’s question for The Topic of the Week: What will happen to gas prices when President Joe Biden stops drawing from the Strategic Petroleum Reserve (SPR)* (12:12)? Without making a prediction on prices, Jeff and Sam break down how the SPR functions, discuss the differences between sweet and sour crude and how those two types of oil are refined, the U.S.’ oil refinery infrastructure, and how facilities and production are faring as the country continues what will be a lengthy transition to green energy.

For the week of Nov. 14-18, Jeff and Sam’s coverage includes a down S&P 500 (2:28); an up Bloomberg US Aggregate Bond Index (4:46); and a flat Bitcoin, a possible surprise considering the recent drama in the crypto sector (6:06). On the macro front (7:24), a relatively quiet week included a slight dip in the PPI and strong retail numbers.

Jeff and Sam will be taking off the week of Thanksgiving, which means they will have plenty to recap and discuss when they return to close out November. Happy Thanksgiving and Go USA!

*For more on the operation of the Strategic Petroleum Reserve, check out MMM Episode 41: Broad, Sticky Inflation and the Not-So “Strategic” Petroleum Reserve

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About the Hosts

About the Hosts

  • Jeffrey Mayberry

    Macro-Asset Allocation

    Jeffrey Mayberry

    Macro-Asset Allocation

    Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation (FIAA) committee and a contributing member on our Global Asset Allocation and Macro committees. He also co-hosts DoubleLine’s weekly Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.

  • Samuel Lau

    Macro-Asset Allocation

    Samuel Lau

    Macro-Asset Allocation

    Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.