Crude oil only has 43 days of supply left in the US

With the Strait of Hormuz shut again, US crude inventories at a 45-year low and just 43 days of supply on hand, the market’s inflation complacency looks increasingly exposed. Investors have nevertheless cut their year-end oil-price assumption to $71/bbl from $86/bbl. For Hartnett (Bank of America's Chief Investment Strategist), the cleanest hedge against a “surprise” FED hike before the November midterms is long the US dollar. Everything is fine, Jesus will return to us, and say: Don't worry, my children, now I can turn water into oil. And just like that, out of nowhere, we'll have oil again. Believe it or not, calls.