 Welcome traders to today's session where we are going to be discussing the impact of the geopolitical events on futures markets. And we're also going to be looking at how we can utilize a unique trading tool provided by Bookmap to better inform our trading decisions. So let's get started. Now, when it comes to crude oil, about 100 countries produce crude oil. In 2025 countries produce 50% of the total world production. United States, Russia, Saudi Arabia, Iraq, and Canada. Now the top three United States, Russia, and Saudi Arabia are the only ones that can produce in double digits. So in other words, produce more than 10 million barrels a day. The United States in 2019 was close to 13 million barrels a day. Russia right now, I think is around 10 million and so is Saudi Arabia. Saudi Arabia does have some room to the upside, but we get conflicting results on this in terms of capacity, but we talk more about that later. Globally, the world consumes about 100 million barrels a day. If you can think about all the production the world does, I think of going into one gigantic barrel. And out of that gigantic barrel of oil, the United States consumes about 19 to 20 million barrels per day. That's been typical for the last few years for this, for that country, for our country here. US produces about 10 to 13 million barrels per day. The world's most actively traded commodity. The NYMEX division, by the way, that's a part of the CME group, the contract specs, it's a light, sweet crude oil futures contract. It's the world's most liquid form for crude oil trading. The world's largest volume futures contract trading on a futures on a physical commodity contract used as an international pricing benchmark. Light sweet crude are preferred by refiners and here's why, because if it's light, it has low paraffin. If it's sweet, it has low sulfur. If you have heavy sour, as we were talking about from Mexico, it takes extra steps because you have a lot more paraffin and you have a lot more sulfur. So you get higher yields if you have light sweet crude. So gasoline, diesel fuel, heating oil, your yields are higher if you have a light sweet crude and that's preferred by many refiners. But light sweet crude refiners cannot necessarily refine heavy sour crude because of extra steps that's in the process that they may not be set up for. Now let's talk about Russia, the invasion of Ukraine, the economic impact. The EU market for fossil fuel supplies most of Moscow's foreign income or at least it did. Crude oil at $70 a barrel just for your reference made Russia $120 billion and we're trading above that right now. So it is a key source of revenue for them. Oil to much of Europe is being cut as you know. Crude is instead flowing to Asia where India has become the top buyer followed by China. Moscow was selling crude at deep discounts at $30 to $35 a barrel. So if you're India, you got 1.4 billion people to take care of. You can buy crude oil at that discount. You have an existing relationship already. So for that to expand, not surprising, here's an example of that expansion. India imported 12 million barrels of Russian oil in 21 this year so far 60 million barrels. So they increased by five times just this year in terms of their input. So is Russia losing income stream to Europe? Yes. Is it changing? Yes. So we're seeing an example of that kind of behavior. India is a refining hub. They can send out refined products with strong margin now. Their profitability goes up in May some 30 Russian crude tankers went to India unloading 430,000 barrels per day versus 60,000 barrels per day in just January and March of this year. So we're seeing dramatic changes there. Sherlock bought 99,000 ton shipment from Russian crude and they only have one refinery to get that thing going. Turkey is another key destination for Russian crude. There's some pipelines here. We're going to take a look at Chinese state owned and independent refiners. They've also stepped up their purchases from Russia in 2021. China was a largest single buyer of Russian oil taking 1.6 million barrels per day on average equally divided between pipeline and seaborne routes. Now let's talk about that gas. That's another major issues. So who does Russia export gas to? Well, the primary customer in Europe is Germany. Then you can see here we got Italy, Belarus, Turkey, Netherlands, Hungary. Hungary pushed back on making any changes to that gas from Russia because it is critical for their economy. That attitude's changed a little bit. Orban's kind of rethought that, I think. But so this is where it typically flowed and just a couple of years ago. That is changing. And what is that economic impact? What has it done? And if anybody here is in Europe, one of the things you've seen is the increase in prices or maybe not seen but felt. What we were paying $6 for, $5 for, they were paying at that point in time in this year now over $60, 10 times more. And right now where we are, you know, that's four times. We're around $6, $7 was we're going to see. They're paying over $40. And Asia's right up there with them. So it really had a tremendous impact on the cost of not a whole variety of things. We're going to talk about what that is. One of them is right here. It's electricity. Look at these charts. You see vertical moves in each one of these for Germany, France, Italy, the cost of electricity is taken off. So many countries switched to net gas because it burns 60% cleaner than coal. The prices were cheap. And it was an economical thing to do. In the United States, we produce more electricity with natural gas than we do with coal now. And let's talk about how they move it. Because natural gas isn't something that's easy to move. Crude oil is far easier. You know, it is a gas. So to get it in a liquid form, you got to squeeze it, you got to put it under pressure to slow down the molecules. And then they get it very cold. And it transforms into a liquid. The things that you hear so much about, I just want to point out two things to you so that when you hear about them, you get an idea of what they're referring to. That's right up here. Nord Stream 2, we heard so much about that. They completed it from Russia to Germany. But it was not accepted by Germany. So that's empty. And here's Nord Stream 1, that tan line. That one was shut down on Monday for 10 days of maintenance. A lot of people are concerned, are they going to turn it back on? Remember, though, for them to leave it off, that's income to them as well. And so I don't know how aggressive they're going to be on that. But we'll see. Let's talk about another market. 16% of global corn exports, Ukraine supplies 60% of the corn to the EU. If you look at this chart of different countries, the green line is production. This is all based on percent. All right. So the green line shows percentage of world production of corn. And United States is one of the larger producers, as you can see there. And if you look at it, see China is really a biggie too. But you don't see any export. The blue line represents percentage of export. China consumes it all. They don't export it. But look at Brazil, look at Argentina, and look at our friends in Ukraine. Those four countries are critical for global supply when it comes to corn. The most common use of that corn is for animal feed. So it's for protein production, is where that comes into play. Now let's do this. Let's talk about another critical area before we finish up here. Russia is a major exporter of potash, aluminum, ammonia, urea, and other soil nutrients. Disrupted shipments of key fertilizer has a global impact. Russia and Belarus account for more than 40% of the global exports of potash last year. One of the three critical nutrients to boost crop yields. Russia accounted for key types of fertilizer, 22% of global exports of ammonia, 14% of urea, 14% of map. Brazil, the world's biggest soybean exporter, what they need imported fertilizers. And when you think about it, Russia and Belarus were the source of 50% of those shipments. So some people are saying, okay, there's problems in Europe, no problem. Farmers should just plant more. Well, do I plant more if I can't fertilizer and I can't get my return on that extra investment? That's what's being faced. Ukraine and Russia supply 75% of the global sunflower oil that represents 10% of all cooking oil. Indonesia, the world's largest palm oil export, I'll show you in a minute how these come into play, but they were planning on banning exports and they took the ban off. Indonesia accounts for half of the world's supply of palm oil, the most widely used vegetable oil. It's used for cooking and production of all kinds of products. Palm oil is competing with soybean oil prices. I'll show you that in a bit. The ban was designed to bring down domestic palm oil prices because they're trying to deal with inflation, but they've opened the door a bit and we'll see the result of that when I show you that. But crops like sunflower and corn, they're planted in the spring, but who's going to plant them in the Ukraine? If you look at the south region of Ukraine and the western region, there are some farmers out there. They're also farming around big craters in their fields from Russian ammunitions, but if you look at this, who's going to do it? You've got the draft going on, you've got mine farms, the invasion itself, shortage of fuel and fertilizer. So it's end transportation challenges and we haven't felt the impact economically of this yet, of these areas. Russia's second largest supplier of platinum. Ukraine supplies more than 90% of a semiconductor grade neon gas used in lasers in the U.S. semiconductor chip manufacturing. We think we had a problem before with semiconductor chips and not being able to get cars produced and other items. Well, we haven't totally felt this either. Russia supplies 35% of the platinum also for chips. Large impact on the European car manufacturing, Volkswagen, BMW, closed assembly lines in Germany because there's a shortage of wiring harnesses that are manufactured in Ukraine. The entire manufacturer, Michelin, also announced that it's going to close European plants because of the logistics of this invasion. Last thing I want to show you here, look at this breakdown of items that come into play here. You look at palladium and platinum, those are used to produce catalytic converters. So where is that going to be coming from? We can start feeling the pinch in that regard. And we've talked about these other areas, but I want to point that out that I think the impact, economic impact as we get through harvest, as we still have to deal with these transportation logistics, we're going to see continuing impacting the market. And let's do this. Let's look, well, let's do, let's finish this I guess. I'm going to tell you something about where does Russia fit in? It's 11th the largest economy in the world. It's 1.7% of the global economy. It's GDP is around 1.5 trillion, slightly smaller than the state of Texas. Ukraine's economy is about the size of Nevada's economy, and it's 33rd in the United States. Prior to the invasion of Ukraine, total value of the Russian stock market, which was really coming back $251 billion, and that's about equal to the market cap of Paxico and 2020, 36.5 of all Russian imports and 37.9 of exports were with the EU. So it's not just crude oil and that gas. Bruce, I'm going to turn this over to you to have you share with us the interesting things that's going on with book map. All right. Well, first off, you know, for a lot of traders when they look at book map here, they're very confused. And there's a lot of information on the chart here. It makes sense. I understand that. It looks very complex. It's actually not complex. It's quite the opposite. I'm just going to give a quick overview so everybody understands what they're looking at here. This is going to show you the other side of the trade. Who's on the other side? It's from the order book. So if we look at the current market right here, everything to the right of the vertical white line here is current best bid and offer, last traded volume, our price ladder, and the COB column stands for current order book. So what you're looking at here is the amount of contracts. These are limit sell orders above the market and limit buy orders down below. You have the numerical values in a histogram in here. If we zoom in a little bit, I'll show you. And so you can see the liquidity. This is the auction here right now. And we can see that they're always adding and pulling liquidity from the market. And this is where you find your buyers and sellers. All we're doing in book map is taking that liquidity and transforming it graphically. So areas of high liquidity, 62 contracts or 96 down here is this color. It's this red orange. You can see the heat map up here, the scale of the heat map, red and orange is very high liquidity, then yellow, then white and then blue and then black is the least amount. So all we're doing is taking it and plotting it onto the chart. But we record it. And we plot it onto the charts historically. So what looks to be really complex with all these different colors and lines is very, very simple. It is the adding and pulling of liquidity. And that's all it is. So if we zoom out and look at the higher timeframe picture here, I've got data back to about 6 a.m. East Coast time. We can take a look at this context. So here's the market as it's coming down toward this area of high liquidity at 05. And it traded into it right here. You can see the transactions taking place right into it. And then it traded through it in a big way. And pretty catastrophic break there. And it continued on down and tested parity here. So interesting move into that. And we know, as you can see in the heat map here, see how it's getting kind of red in here. And see how that they're kind of bidding in front of this area. This is context. This is showing that, yeah, they're eager buyers in front of that area. They're starting to front run. And we can understand that behavior. You can also see that buyers started to add in a little bit lower here. They're probably looking for a price to test through it, get filled at a really great price, and then have it test back and maybe through the dollar value here. So anyway, that's what unfolded here in the market. We can see precisely the behavior here. These guys meant to trade. And they're still here in the current market. These guys up here at 02, well, they started to come in not too long ago. As the market is coming down, they started to show interest at a higher level here. This is the context. This is where the buyers want to deal. And I will see if they actually deal when price comes down like here and trades into it. And this is what we want to understand. And this is how you can now look into and see what's going on within the candlesticks. In fact, we can dim the heat map a little bit here. And we can look a little bit more closely at the candlesticks and the volume and the liquidity. So here's our move to the downside. And as Dan pointed out, the buying pressure. So this candle closed to the downside here, but we found some buyers. And then off of this low here, we start to find more buyers. And then we break through. Now, this level is not really seeing too much in the candles. This is in our candlestick chart. But we can see that this hour here closed at this kind of swing and kind of equal low from the previous hour. And then the break through. Now look at the breakout. And now it's returning precisely to the area where it broke out from. So some pretty interesting stuff here. Now on your candlestick, this is looking pretty good to continue lower. Why? Because look at the, and this is not a trade recommendation. We're just reading the order flow. Here's why. Well, look at the sellers come in. And we just broke below the swing here. Now we want to see that selling pressure continue. So let's zoom in here a little bit closer. And let's read the order flow. Let's turn the heat map back up a bit. And this is good. We see that there's more sellers now at a lower level. Did we find the sellers down here? Not really. Nice selling in here. And it's starting to kind of wane now. Well, maybe we'll get a retest back up here. Back up into this little kind of zone or area right here at 475. Maybe back up to 525. And so look at the liquidity just coming into the market right now. Interesting move there or interesting phenomena. A lot of people just jumping in and interested in dealing here. So now let's take a look at that. So we have kind of equal buyers and sellers on either side here. So it's kind of convoluting the picture a little bit here. We want to read now the context though of this liquidity that came in. So how did the market react to it? Do we find buyers or sellers here? And we haven't really found much yet. Now we're starting to find a little bit of a selling here. Okay, all right, sellers then. Let's see if you can drop it down to 03 here or maybe 250 or 200 down here. So we're just looking at what's inside this candle and this big move to the downside here on the hourly candlestick chart and below the swing here. We need to see sellers below the swing for continuation and to move away from these previous areas in here. And that's what we're reading in here and trying to read. If we don't get that, we're looking for the retest back here to this liquidity. So you can really start to see what's inside some of the candlesticks and then start to target some of these areas as well. Just a quick question from Howard, looking for some clarification with respect to what the red and blue lines below me, I think you explained at the start. Yeah, this isn't part of Bookmap. This is an add-on. I'm showing it just because it is a pretty powerful and insightful thing that the CME offers market by order data. This is something unique. They've had it for about I think over five years now, but no one's really taken too much advantage of it until the last few years. It's showing the positioning queue. You can look it up on the CME website and we'll show you precisely like right now if we look at this S&P E-mini and we look in here with the current order book. These are the number of contracts here, but we don't know how many orders are in here. So like actually down here we actually do and this is pretty insightful too. Let me show you this. These three areas of high liquidity here. Well, this little white line here is indicating that one larger player is holding between a third and half of the liquidity at this price level. It's most likely the same player because he's got it on three different levels here. This price level at $46.25, $46.45, and $3.25. The white line is equal, likely the same player. So that's basically what the MBO was, the way that the CME advertises it. However, we're able to extrapolate from that data and the way that the orders come in, we can start to read where people are getting stopped out as well as where there's hidden orders not in the order book. They're icebergs and that's the whole concept of iceberg. It's a larger player, doesn't want to show his hand like this guy right here, so doesn't want to scare price away. So he wants to get filled without showing how much liquidity he has. So that's what the sub chart is showing here. We also have an on chart, but I turned it off. Okay, another question. Will Bookmark show resting stop losses for the E-mini futures? I think you covered that before with the icebergs and that's an additional one. Well, yeah, we don't know where stops are resting, but we know when they transact. But yeah, in fact, let me turn on the on chart indicator here for stops and icebergs. And you can take a look at some of the details in here. I'm fascinated by it, to be honest, and it never gets tiresome. So here was a stop run of 134 contracts up here. This is what it looks like. This is what happens in the market. And we're just, this is the beauty of what I think Bookmark is displaying, is simply displaying what unfolded. It doesn't, it's giving you the truth of what's behind some of these moves. So this is aggressor behavior in here, lifting the offer. And we're looking at microseconds in here. So this move here, it looks like it might be something that lost data or something. It is not, it is basically a one event, an atomic event that took place and unfolded. And then best bid and offer update after that. So you have a kind of a chain of events that happen when you get down into these sub second levels. So here buyer came in, they could have been squeezed out. We don't know. But we know that there was a lot of buying in here. Along the way, in this big move to the upside here, stops are triggered. But this one player has not, his order has not gotten filled yet. His order is basically filled up here. And this red line in here is showing when stops are now starting to transact. Okay, so along the way, as this one event unfolded, stops are triggered. And we don't know where exactly, but we know when they're transacting. And when you get slipped and your stop gets slipped, this is exactly what's happening. So you can see precisely where the stops start to transact. And they actually lift the market a tick or two in here as well. One tick. Bruce, we've got some interest in taking a look. I don't know if you've got yesterday's data on the heat map for the drop that we saw in the ES or the NQ. I do. I hear it is. And this is very typical. Another thing, just the insights that you can ascertain here from order flow. As this is moving lower, these clusters of selling at lower lows into high liquidity. And then you can see how the market bounces out of those areas, retests some of these areas. And look on the other side here. Where's the liquidity? There's not a whole lot. This is very typical in a downtrend. You'll see this all the time. It's more clusters at the lower lows and very little buying at these swings here that is basically exhausting now. It's just not finding buyers. That's when you can start to look at your candles and your wicks, et cetera, starting to understand that, wow, okay, well, we're not getting a whole lot. If we get some sellers below this area here, look for a break. And look again, we're retested here right to where it broke from. So there's a lot of things that you can piece together that trap traders comes back here and like, oh, boy, yeah, I'll sell. No problem. Whatever the case may be, it's here in the order flow. You really can't escape it. Does Bookmap offer the facility for traders to get that data? It does. Excellent. Yes. You can subscribe to some data feeds for stocks, as well as, I think, up to 21 different cryptocurrency exchanges that we connect to. Just go to bookmap.com and Connectivity section. You'll see. There are many different exchanges that we connect to. Bit different there. The data is free. You're connecting directly to the exchange, not a data provider or ECM. But with the futures market here, for example, I'm connecting to Rhythmic right now, you can connect to CQG and a host of others as well. We connect to many for futures as well. Let's take a look at what happened to our euro dollar here. So it accepted lower and we've left off seeing these buyers come in and they were able to, as you can see here, lift the market from this consolidation period here and the buying here that we saw come in. And we haven't come back there yet. So all it did was it was test up and we were kind of looking for that test up in this liquidity up here. There's 450 to 470 area here, which has already tested. Now our question is kind of reassess the value here of this instrument. Once again, we've tested up here. Are we finding more buyers? Well, then where's the next area? Well, high liquidity and also market structure, maybe up here at 560 and something like that. Bruce, Ingo asks, could you please do a brief intro into the order column? Okay, so this one, the current order book? Yeah, sure. This is basically your dome. We actually have another add-on product that is actually part of one of the subscriptions, the Bookmap Global Plus subscription. And we have a DOM that you can access your very professional level DOM here. So I can show you that as well. It's up to you. You can create a configuration here in the columns or you can access this product here and trade right from the DOM if you prefer that. So this is obviously, it's a separate window here. So you can, we have the flexibility to take a look at that as well. How you can visualize spoofing? You know, the Euro dollar is actually pretty interesting one because this is so heavily kind of hedged. You can see the larger players in here at each price level. And, you know, you can kind of start to understand that, well, this is likely some of the same players in here, the moment that they pull out of these three different price levels, you know, they're kind of adding and pulling in here. And we can start to also, when we zoom in, you can start to find a better example. Start to piece together like, you know, them pulling from some players pulling from one side and adding to the other, etc. Like right in here, this liquidity was pulled because it went from first off from high liquidity. And we can get the number here 49 contracts down to 40 down to this color here, which is 35. Well, they kind of added here on the other side and pulled from here and potentially added over here that went from 21 to 26 to 35. And you'll see this behavior again and again and again, like in these areas in here, maybe adding here pulling down here, etc. So you can really start to look at the nuances of the activity of the intention of traders. Do they want to trade at these levels or not? Here you can see that they wanted to trade. They provided that liquidity and here the transaction is taking place right into that liquidity. So these guys got what they wanted. They wanted to be buyers here and they bought. Sellers traded into them and the transaction took place. This is a buy sweep. We do have a sweeps indicator that will also show these areas on the chart. And we also have an absorption indicator as well. Those are all part of the Global Plus subscription package, all these kind of add-on indicators. Do bookmark provide training videos for the service? Oh, yeah. We have hundreds of videos, basically, but some of them are more kind of onboarding of kind of going through some of these elements, how to read them, and then all the different features and components. And we also have daily webinars that go through reading the live market border flow. It was great to be here with everyone today. I hope you've gotten a few ideas from Discuss that may give you some insights. In the meantime, I wish everyone much success with their trading. Thank you, Dan. Thank you very much. And thank you, Patrick. Now, a pleasure. And I, too, look forward to crossing paths again in the future.