Energy crisis is 'already here': Jeff Currie says to watch product prices as diesel hits record

• The energy crisis is primarily a product squeeze (diesel, gasoline) rather than just a crude squeeze, with product prices already reflecting high crude values.
• Geopolitical risks (Strait of Hormuz, Red Sea, Russia-Ukraine) and refining capacity reductions are tightening global energy markets.
• High diesel prices will lead to immediate headline inflation and delayed core inflation, impacting other commodity sectors like metals and agriculture.

Jeff Currie argues that the energy crisis is 'already here,' driven by soaring refined product prices like diesel and gasoline, which are effectively at levels equivalent to $150/barrel crude. He highlights global supply constraints from geopolitical tensions and refining capacity issues, predicting significant upside risk for energy prices and broader inflationary impacts on commodities like metals and agriculture.