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The deal between the US and Russia for diesel is a drop in the bucket and will have little impact. What's interesting is the US seems to have relaxed the sanctions against Russia, but now faces US bi-partisan pushback. He'd be surprised if this deal goes through, considering many Republicans oppose it. He doesn't see an end to to the US-Iran war. Iran has leverage and will string out this war for as long as they can to gain even more leverage. He's amazed that some believe that oil prices will fall after the U.S. midterm elections. In Canada, Alberta's premier first proposed the TransMountain extension a year ago, but nothing has been done so far. Carney isn't moving at breathtaking speed, as promised.

Interest rates are rising and their fundamentals are not good.