Jirn Bienoc

Hot off the Presses! Our year-end investor letter for our Index, the Bianco Research Total Return Fixed Income Index (Bloomberg: BTRINDX) Our partners at WisdomTree have a ETF that tracks our Index (symbol: WTBN) biancoadvisors.com/2025-the-u-s-s…

1/5 Where Is the Demand Destruction? tl:dr - Asia because they are reliant on Middle Eastern Crude oil, and it is now over $150/barrel. This is keeping (for now) the American and European grades "only" ~$100. (% gain since the war)

4/5 With one-fifth of the world’s oil essentially stranded, a significant portion of global consumers must stop using oil immediately—a process known as “demand destruction.” We can see where this is happening by looking at the price of various world crude oil grades.

5/5 While the U.S. (green) and Europe are struggling with $100 Brent (cyan), the Middle Eastern “sour” blends that power Asia have decoupled from Western benchmarks (blue, red, and orange). Because Asian refineries are chemically tuned to these specific grades, they are forced to bid astronomical premiums for the limited barrels that reach the Red Sea or out of the Persian Gulf. With physical prices for these grades hitting $150 per barrel, Asia has become the world’s shock absorber. By pricing out marginal industrial and transport users in the East, the market is balancing its global books, sparing the West from even more catastrophic price levels—for now.

Yesterday was day #17 of the war. The national average of gasoline is up 86 cents (middle panel) Or 28.8% (bottom panel)

The most important chart right now. Note that this only tracks ships with their AIS (Automated Identification System) turned on, think the GPS on your phone or in your car. More ships are going through, but they turn off their AIS. But once they are confidence enough to start going through with AIS on will signal a true reopening has begun.

*TRUMP: REITERATES POWELL TOO LATE, URGES RATE CUT *TRUMP: FED SHOULD HAVE A SPECIAL MEETING TO CUT RATES --- They have a regularly scheduled meeting starting tomorrow.

@biancoresearch I share my real-time TRADE alert (entry & exit points) on WhatsApp, free to join ✅ ➡️Copy search input Reply “TRADE” to WhatsApp: +13144892855 Here’s the link : api.whatsapp.com/send?phone=131…....

@biancoresearch My strategy plan ⬇️ Show more

@biancoresearch I share my real-time TRADE alert (entry & exit points) on WhatsApp, free to join ✅ ➡️Copy search input Reply “TRADE” to WhatsApp: +13144892855 Here’s the link : api.whatsapp.com/send?phone=131…....

@biancoresearch My strategy plan ⬇️ Show more

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