Found this in the comments on zero hedge. I like it but wish the fag had provided sauce:
Grab a chair, son.
My theory on why the Don is the oil king. After the following events, Donald merged the treasury and the Fed with the CARES act passed 3/27/20 that forced the Fed to buy ETFs, Munis, Corporate paper, etc with a $454B treasury backstop that the FED levered up 10X. We’ll get back to this
DJT is the reason the banks broke in Sept 2019 and the repo window had to be opened when the overnight rate blew out to 10% and went no offer, Sept 17. That was because oil went from the $20’s to the $50’s over the preceding weeks and everyone was short.
The Houthis, no it was the Iranians after two weeks of changing intel in the media, bombed Saudi’s biggest oil depot (after bombing a pump station months earlier in the west on the east west pipeline to get the algos programmed). It hit from the north west side of Saudi Arabia’s biggest facility and shuttered over 5M BPD. Oil shot right the fuck up to $60 and then higher over the following 2-weeks before it went right back to the $50 handle. The oil facility was hit Sept 14.
This just happened to be the same day $78B in Tbills got cleared and $100B in Corp tax payments went to the treasury. With QT having brought us to $1.4T in reserves the system was insolvent. For reference, we are at $3T today.
The banks just took a massive square kick in the dick when all their 10X levered up HF customers went tits up with their $20B in equity wiping out $40B equity from their banks when those positions were closed down 40%. Soft Bank nearly died during this as did many others!
Fast forward to May 2020 after the Fed is forced into the market by DJT. DJT and his buddies in Israel that bombed Saudi Arabia serious enough to create a scare but not enough to cause serious damage and his new buddy MBS, that sold a shit ton of futures at $60-$70 to the banks closing out their debtors’ shorts, rented every last gallon of storage on the Cushing pipeline system.
There was plenty of space for the oil, but because oil contracts have to settle physically, the normal arbitrage you get selling to a major for a $1.25 discount isn’t available nor could you just roll your contract by moving from allotted to stored at the hub. There was no place to take delivery of any contract on the entire hub.
He right fucked the banks (PRIMARILY THE FED) again! Oil goes from $15 with everyone and their mother long (because no one can lift for less than $12) to fucking (-$30) negative!!! Literally back your truck up to the pipeline and they pay you to fill your truck.
Yes, he is doing it to them again in the ME.
DJT is the king of oil.
The greatest President we ever had is the one that ends the FED and he has already bankrupted it twice. If it goes in default of its treasury back stop, all payments out must stop until it is made whole.
Prove me wrong!