The crude markets have been battling back and forth across demand destruction. OPEC+ cuts, supply disruptions, and geo-political tension. We believe they brent will stay in the $73-$77 range throughout September, and we don’t see much upside as we progress through the rest of this year. The supply side will keep brent prices from spiraling lower while demand weakness keeps the upside capped. As we progress through 2024 and into 2025, we believe that there are greater downside risks as recessionary pressures mount. The market is pricing in a 25bps rate cut from the Fed with some expectations putting it as high as 50bps. In my opinion, the Fed shouldn’t cut this year, but the market has priced in three 25bps over the rest of 2024.