 Welcome back folks, Dow. Dow right now is up 304, and Aztec is up 166. S&Ps are up 52. Let's go over to our man, Mr. Jason Path, as we do every Tuesday and Thursday, folks, at quarter past the hour. Jason, what's going on, brother? Not much time. How are you, man? Good, man. Good. So, we're going to be talking some gas, some oil, some rates, some currencies, and let's kick it off with the gas market. Yeah, huge move up today. Now, we did have a pipeline explosion overnight in Kentucky, which fueled some of this move. But as you know, I've been calling gas higher now for a few weeks. It's really a tale of two different fuels between oil and gas right now. Gas is going to benefit, as we've discussed, from the demand. See the production declines that we're going to see, given the dynamics in the oil market. I still like 250 on gas futures as we cross into June, which we still have some headroom here about 40 cents on the futures. Yeah, that's a good move, right? We're at around 179 right now? No, I'm at 210 on the front lines right now. Sorry, man. Okay, cool. No worries, man. We had a huge move up today, given the pipeline explosion last night. It's been up steadily since the end of the week last week. Now, as things incrementally start to open up a little bit on the demand side, I say we're going to continue. I really believe we're going to continue to see sharp moves up. This guy, I think gas got disproportionately hit when everything started locking down. You know, even though we're at home, we still got a heating cool. It's been cool in the Northeast. I'm out in the Northeast, but I got my v-neck on today. It's, you know, going to get up to 50. We're going to get down in the 30s overnight to put feet really high. Yeah, it's cold up there, man. As you know, you know, in the Northeast, this time of year, normally we're not running anything, right? It's very mild. We don't need to heat or cool. Heating degree days are off the chart right now. Your record levels for this time of year. I still, I guess, I think this is a pretty solid play. We were talking about 155 three weeks ago. I know. We're at 210 and rising today. Now, you talk about deviant, right? That's about a deviant as you get. Gas has been going down forever. All of a sudden, the oil goes to zero. We go negative and gas is going positive. You're going to love it. So what do you think about this oil move out here today? Yeah, it's crazy. You know, extremely speculative moves. You talked about the volume and some other issues. To me, this market is radioactive. You know, I'm not active in the world right now at all. You know, I like a short soon. I think that's on my radar, but, you know, to me, if you're going long oil here, if you've been long, and you know, I was thinking this morning, it's like a, you know, a Wizard of Oz move. It feels good because everything's opening back up. But people are going to be in their cars. But, you know, somebody wants to go long oil right now. My two words for you, like jet fuel, right? I mean, we're still not flying jet fuels and material double digit percentage of oil consumption. Seriously. Yeah. And folks, to me, the jet, the airplanes are a good indication of what we still had ahead of us. There's nothing in our lockdown that impacted air traffic, right? You could still get on a plane. You could still fly. We all chose not to. It went down by 95%. Buffett's now out of airlines. But there was nothing that the government did to limit our jet travel. And we just chose not to because we're scared about our health. I don't think that's going to go away because we can now go to seven 11. I agree. Well, we're just saying, and folks, this is what I got out here in St. Petersburg last few days, right? We could open, you know, as a 25%, right? Well, guess what? A lot of them aren't opening and people still aren't coming out. So that says quite a bit, man. Do you know what I mean? I mean, I'm in Washington, D.C. I had a hard time finding a pizza place to deliver last night. Like, you know, the economic damage is far deeper and greater than any government regulation that we felt like, whether we agreed or disagreed. And I think we have a lot of pain. And again, I think the airlines are a good indication. But back to oil, right? That's still a supply and demand issue that's not going to reconcile, even though I may be able to get in my car and drive somewhere. We're still not flying. That's a double-digit percentage of oil consumption. I could cut back any time soon. Yeah, no doubt. And so let's get into the bond and interest rate market. What are we thinking here? Yeah, so, you know, we learned yesterday, and I'm no surprise to anyone keeping score at home, you know, the government's going to have to issue you close to $3 trillion over the next few months. It's just, it's hard to conceive of that much paper hitting the market. You know, the tensions with China, you know, last time we had these types of tensions with China, they slowed down their purchases of U.S. debt. I don't think, you know, there's conspiracy theories that they start to sell or float the market. You know, that's not going to happen. They're not going to hurt themselves. No, because they hurt themselves, right. Right. To the extent that they slow down purchases, I think that's possible. You know, but with that much paper hitting the market, you know, I think we got stretched, you know, in the 30 year, I think it went about as low as it could go structurally a few weeks back. And it's been slower to recover than the others. You know, we've talked about some other ratios we use, like copper, gold, et cetera. I think the yields have to snap back. We started to see that move, you know, which means the value of the paper goes down, demand is less, the yields go up. You know, we saw that, you know, folks, when the 10 went to .3101%, the bottom line is that the mortgage market didn't follow it, because what ended up happening is that the demand was so much for the mortgages that they could keep the rates higher. So I agree with you, man. I think we saw that structure basically more than likely bottom out, which is pretty wild, man. Yeah. So I think that's a trade where, you know, folks thinking equities go long from here, but there's still a lot of risk on the table. And I would certainly agree with that view. I'm not bullish equities from here, but you know, yields, if the equities do rock at higher from here, continue to go higher, you're still going to, you're going to see yields go out. But I think you have some downside protection, because I don't think yields could go much lower, even, you know, with the bottoming that we saw, I think they hit rock bottom structurally. So I think you have better downside protection you do with the equities. If you got a short paper here, you have, you're going to still potentially do it on the upside. Yeah. Now, I know, you know, we've been talking the euro. I mean, what happened in Germany today, folks, is that the German court turned around and it's basically. This is amazing. Yeah. If you can explain it, because it's pretty wild, man, what's happening over there, right? So when the ECB does easing, right, they have to get the participation of the other sovereign nations in the euro to participate in that with the German court, constitutional court said today was, unless the ECB can prove basically to a standard that's not possible, that why we should as a sovereign nation participate in their program, we're dropping out within 90 days. The ECB cannot function without support of Germany. Like that is, that is the end of the EU as we know it. Right. There's no other court to appeal to. This is Germany taking a stand and saying basically, in 90 days, that's it. We're not going to play this game. Merkel, kind of under the context of this, Merkel's been structurally supportive of the EU, but it's an issue in Germany. She's already said, she's out of office the next 12 to 18 months. It could be a lame duck session for her, anything can happen, but I don't see how the ECB and Germany reconcile this. Don't forget, you've also got the political issues, folks wanting to leave for a different reason in Italy and Spain. Britain's finally going to get their deal together and leave the EU. We talked last week, I think 30% downside on the euro is absolutely the next 12 to 24. I can see it. Germany, the bottom line is that they had the explosion and inflation, whether it's 80 years ago now. I can't see them changing, man. They're going to be stubborn about it, and it's going to be fascinating to watch it play out, but it's hard to see a peaceful resolution. We shouldn't use the word peaceful here, but it's hard to see a resolution between the ECB and Germany that doesn't result in significant damage to the structure of the ECB. No doubt. Well, listen, man, we appreciate the education. We look forward to speaking on Thursday. Love it. Thanks, Tom. Enjoy the rest of the day, man. Have a safe one. Stay right there, folks. Come right back.