LOOKING AT THE HEAT MAP BELOW 👇, WE SEE THAT THE RIGHT TAIL DRIVERS OF EARNINGS (+20%), MARGINS (15.8%) AND CREDIT SPREADS (73 BPS) CONTINUE TO PROPEL THE CYCLICAL AND SECULAR BULL MARKET. BUT THE LEF

LOOKING AT THE HEAT MAP BELOW 👇, WE SEE THAT THE RIGHT TAIL DRIVERS OF EARNINGS (+20%), MARGINS (15.8%) AND CREDIT SPREADS (73 BPS) CONTINUE TO PROPEL THE CYCLICAL AND SECULAR BULL MARKET. BUT THE LEFT TAIL IS PERKING UP TOO, VIA THE 10 YEAR NOMINAL YIELD (4.53%), REAL YIELD (2.16%), AND NOW A RISING SOFR CURVE. CRUDE OIL REMAINS ELEVATED AND THE 12-MONTH FORWARD CONTRACT AT $81 (BRENT) REMAINS NEAR ITS LEVEL FROM WHEN THE CONFLICT BEGAN 4 MONTHS AGO ($82). MEANWHILE, CUSHING INVENTORIES ARE GET

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