US futures open in less than 24 hours: Yet, we have not seen any indication of de-escalation in the Middle East amid rapidly surging oil prices. Meanwhile, Kuwait, the UAE, Saudi Arabia, Iraq, and Qatar have all confirmed at least partial oil production shutdowns. And, a FULL halt of ~20% of the world's LNG supply has taken effect in Qatar. The bigger problem here is that shutting down oil and gas facilities is not a simple process, particularly when it comes to restarting production. Once plants shut down, it can take weeks to months for production to ramp back up to full capacity. The next 24 hours are crucial. Unless there is intervention, it appears that oil prices are setting up to surge above $100/barrel. Prepare for extreme volatility tomorrow.(The Kobeissi Letter)