Everyone’s suddenly talking about backwardation, physical differentials and time-spreads. But what do any of these terms really mean? And why do they matter?

From oil power to security power.

Being an extortionist’s preferred currency does not a reserve currency make.

Because that’s what the Blind Spot was made for. Today we assess the emerging anti ‘energy lockdown’ narrative and the Trumpian market manipulation grift that may just be a cover for dual-use finance.

In an information war that’s gone kinetic, the first casualty is still the truth.