John Fregeau

After 25 years of trading and 4 years of writing, I finally put everything that I've learned about oil derivatives into a book on "Virtual Barrels". Many thanks to everyone who taught me all of this. #OOTT #oil #virtualbarrels #trading amazon.co.uk/Virtual-Barrel…

Growing divergence b/n futures-only and futures+options in positioning data with the latter being overlooked. Last week trade houses (PMPUs) sold whopping 78k Brent futures but half were offset by options. While futures mkts are shrinking, options are booming. #oott

With financial trading volumes now 80x larger than physical consumption and OPEC's declining impact on prices, UAE's choice for independence can turn their @ICE_Markets Murban contract into a dominant regional benchmark with the focus on impacting the paper markets. #oott #UAE

By now, physical mkts largely dropped to match futures. But as explained below, futures were more balanced acting as a buffer, but if futures S&Ds shift then we may get a real spike. It's about duration now with forward paper S&Ds ruling the roost. youtube.com/watch?v=IdAMLK…

WTI oil "producers" (PMPUs) are now all-time record LONG (440 mb). Remember that "producer" label is a misnomer, for more on who is who in oil derivatves, see youtube.com/watch?v=zUAVWh… or in a written form oxfordenergy.org/publications/e… #oott

This was supposed to be my presentation at OPEC's event in Vienna which just got cancelled, so sharing it instead with the rest of the world. #oott Virtual Barrels, Episode 10: The Oil Crisis in the Eyes of a Financial Trader youtu.be/IdAMLKmVvz0?si…

Economists see <30% of recession. I don't trust economists, but I do pay attention to historical patterns. Yes, today is different and I'm not implying much but given how disconnected equities are from energy reality, some equity put spreads seem to make sense. #oott $SPX

While the physical oil market lost 10 million b/d, financial market gained 1 billion b/d. For details, see: oxfordenergy.org/publications/e… RT @JavierBlas bloomberg.com/opinion/articl… #oott

" Pothos care 101: Bright indirect light + water when soil dries = happy trailing vines! Perfect for new plant parents. #PlantCare #IndoorPlants"

"A quick 'how are you' + 2 mins to listen It’s not just politeness—it’s how we water small connections into strong bonds. "

"Try 15 mins of [gardening/sketching/guitar] daily—small habits grow big passions! What’s your tiny daily joy"

"Photography 101: Start with light! Find a window, frame a shadow, click—your first 'magic' shot. No fancy gear needed, just curiosity. #ShootWithLight #PhotoBasics"

Pick 1 small hobby you love—even 10 mins daily. Watercolor, birdwatching, stargazing, or journaling Watch it grow into a joy that fuels your day

"Stock up for quick bites u0026 daily needs! Fresh snacks, drinks, toiletries—all at unbeatable prices. Your go-to convenience store has you covered. #ConvenienceStore #DailyEssentials"

5-Minute Mint Lemonade! Squeeze 2 lemons → Add 1 tbsp honey + 1 cup water → Muddle 3 mint leaves → Ice it! Refreshing, zesty, u0026 zero fancy tools needed. Perfect for sunny afternoons #QuickDrinks #SummerSips

" Nature Club Hike Alert! Join us this Sat (10am) at Green Lake Trail—spot birds, snap wildflowers, and bond over picnic snacks. Bring water + comfy shoes! DM for details. #NatureLovers #ClubAdventure"

Fresh produce alert! Grab crisp carrots, juicy tomatoes, and leafy greens for your next meal—all sourced locally, all budget-friendly. Shop now!

" Just hit 'submit' on the final project! Months of late nights, sticky notes, and coffee runs—done. Grinning from ear to ear #TaskComplete #WinningMoment"

Chasing sunsets in Santorini—white villages, blue domes, and the Aegean glowing gold. Every corner feels like a postcard come alive #TravelDiaries #SantoriniMagic