Happy Friday, everyone. This will be a slightly shorter than usual Fat Pipe because I have to turn to other content, and then join my son and another worker as we progress the farm and the Brookside project.
Deal! No Deal!
Like you, I am completely worn out trying to follow the so-called peace deal process between Iran and the US. Deals are announced and denounced daily. The US continues to insist great progress is being made, while Iran then denies said progress, usually within the hour.
It’s exhausting.
Just this morning, Trump again reiterated the US position, which are a list of dictated demands, not a negotiated settlement. Iran has not agreed to any of these things, at least not according to 100% of their published statements to date. So there’s no deal.
All the while, oil gets sold and sold hard on every BS Trump tweet and/or Axios garbage article. And not just a little bit…Brent crude oil is on track for its largest monthly decline since March 2020:
Gm, Brent crude sitting at $92/bbl, currently on track for its largest monthly price decline since March 2020—which is quite the comp.Deal optimism continues, details fuzzy and disputed. The Strait of Hormuz remains closed, 13-15 MMbpd of Middle Eastern oil production offline pic.twitter.com/x9WodEVjfC
— Rory Johnston (@Rory_Johnston) May 29, 2026
To say this makes no sense is an understatement of enormous proportions.
Inventories are being raided in the US to help maintain this pricing fiction. Diesel inventories have not been this low in the US since…2003.
🇺🇸 U.S. distillate fuel inventories fall to the lowest level since 2003 pic.twitter.com/yjeRDL7lv8
— Hedgeye (@Hedgeye) May 29, 2026
Gasoline stocks in the US fell precipitously against last week.
But gasoline prices in the US declined by a whopping 80 cents in that same week.
To say this makes no sense is an
by improbablyresilient 
