Reserve Report

Hedging Wars

“Buy on the sound of cannons, sell on the sound of trumpets” - attributed to Nathan Rothschild

17 hrs ago • Matt Sterett

4

October 2026

Dated Blinked

Diesel Didn't...

Oct 18 • Matt Sterett

8

Crude Found a Way Round

Products Haven’t...

Oct 11 • Matt Sterett

6

September 2026

Six Refineries in a Week

Diesel, not crude, is where war is being priced.

Sep 27 • Matt Sterett

7

Two Capitals

No Buffer

Sep 20 • Matt Sterett

7

Two Chokepoints

No Bypass

Sep 13 • Matt Sterett

6

Rack Spreads

"OpenAI spent $15MM in tokens to solve a problem with a $1MM prize.

Sep 8 • Matt Sterett

6

August 2026

Barrels & Bondholders: Venezuela

America is now the referee, banker, & customer in Caracas

Aug 31 • Matt Sterett

7

Buenos Flares

“One day it'll come out that the CIA infiltrated Western consulting firms and convinced Saudi to blow its wealth on LIV Golf, The Line, domestic soccer…

Aug 25 • Matt Sterett

9

Underwriting the Ecosystem

“The captive's real raw material is the parent's credit rating” - Grant's Interest Rate Observer

Aug 16 • Matt Sterett

13

Hedging Intelligence

“It is hard for us … to even see a scenario … that would see us losing one dollar in any of those transactions” - Joseph Cassano, president of AIG FP…

Aug 10 • Matt Sterett

16

1

Margins

“This isn't the last situation I will have to deal with this week” - John Tuld (Margin Call)

Aug 3 • Matt Sterett

10