IEA Meets Wednesday on Proposed Reserve Release: Reuters

What BBN said about it

1. 

   Hank Ledger · Lead AnchorReuters reports, citing two EU diplomats, that the International Energy Agency meets Wednesday over a proposed release of emergency oil reserves.

2. 

   Hank Ledger · Lead AnchorJoining us from a yacht somewhere off the coast is Thaddeus Pembroke-Vane, founder of Sterling Drizzle Capital. Thaddeus, good morning.

3. TP

   Thaddeus Pembroke-VaneHank, it's afternoon in the Maldives, and I'm holding a lobster the size of your pension. Short everything, by the way.

4. 

   Hank Ledger · Lead AnchorNoted. Reuters says this is only a proposal, and the diplomats did not say how much oil. What's your read?

5. TP

   Thaddeus Pembroke-VaneMy read is that governments dumping barrels into the market is the most desperate thing since my second wife's yoga phase.

6. TP

   Thaddeus Pembroke-VaneI'm short the barrel, short the diplomat, short hope.

7. 

   Hank Ledger · Lead AnchorYou can't short a diplomat. Be specific. Why would reserves matter to you at all?

8. TP

   Thaddeus Pembroke-VaneBecause when governments panic, I eat. Last month I shorted a sandwich chain and the sandwiches knew. They could feel it.

9. 

   Hank Ledger · Lead AnchorI have to stop you. Reuters hasn't said any release is agreed, so nobody is shorting a sandwich on this story.

10. TP

    Thaddeus Pembroke-VaneFine, but my yacht has a cinema room and a bidet with Wi-Fi, and the bidet is also bearish.

11. 

    Hank Ledger · Lead AnchorThat's an upsetting amount of detail. Does the bidet have a position on the ten-year at five point two six nine?

12. TP

    Thaddeus Pembroke-VaneIt does, Hank. It says the whole thing is going down the drain, and I'm the only one who hears it flush.

13. 

    Hank Ledger · Lead AnchorWe'll have to leave it there. The IEA meets Wednesday, per Reuters, and the bidet remains unaudited. Back to the desk.