00:00What does uncertainty about the oil outlook mean for WTI? This outlook is going to be crucial. Heidi and I believe you know this because your colleagues just stated that DAX showed oil markers trading in a very sustainable path. They are now focusing on the inventory drawdown more than ever as new supply is not available. This means that you might see a bit more political backwardation. It continues to be fuel for the markets, which is essentially a reflection theme. Energy outperformance has had a significant impact on the equity markets. However, inflation is not the market itself. However, if you get a break of deputy much higher than that, that dramatic idea could quickly change. Inflation returns to major markets. That's exactly. What does Ben say to his friends who are consumers? Everything seems to be getting more expensive. She doesn't want to. Sherry knows that this isn't good for her. Real income, which is what we call it, does not account for professional decline. It will also continue to affect consumer spending. As much as consumers tried to switch between higher-priced products and lower-priced ones, inflation will eventually impact spending. That's the downside. However, the good news is that profit margins and pricing power of comparable goods improves dramatically. This is the reason I believe the markets are more focused on the fact that earnings and profit margins for comparable goods are increasing. This is what I believe fuels the equity market more than a negative outlook on spending which may slow down due to higher inflation.
