HFI Research

Interesting. FT: Saudi Arabia has withdrawn from a Beijing-led digital currency programme that is part of China’s efforts to develop an alternative cross-border payments system to the dollar. The mBridge platform has attracted controversy in the US amid concerns that participants could use it to bypass dollar-dominated conventional payment systems such as Swift. The new platform, which will soon be rolled out commercially, uses blockchain technology to transact directly between central banks using their own digital currencies, cutting the time and costs of foreign exchange transactions and reducing the role of the dollar as an intermediary currency.

Big drop in Brent 1-2. https://t.co/KwgGo0uSKe

Memo - The Most Hated Oil Rally https://t.co/oGQY4jL0Tn

Our real-time US crude oil production tracker is showing material weakness. Just as the EIA continues to revise US crude oil production higher, our model is showing 13.55 to 13.6 million b/d. This is below 2025 year-end exit volumes. https://t.co/j1GcI7OjpB

The interesting thing about the Saudi east-to-west pipeline outage is that the Bab Al-Mandeb closure (by the Houthis) sent Saudi crude oil to the US before going to Asia. US crude imports have been elevated because of this change in flow dynamics. Now that the outage is here and the Saudis are embracing the shuttle trade and getting the oil to Asia, the US is going to get sucked dry. Trump will have to announce another SPR release or US commercial crude storage will hit operational minimums by mid-November.

WTI outperforming Brent today as US crude exports are about to surge. BACD is coming unless they release more SPR.

WTI outperforming Brent today as US crude exports are about to surge. BACD is coming unless they release more SPR.

Every time WTI gets to $103.5, the tape gets slammed.

Every time WTI gets to $103.5, the tape gets slammed.

Brent 1-2 WTI 1-2 https://t.co/IjXrVcudbY