Surging US Energy Surplus May Suggest 2027 Deflation Unless something stops it, the excess of US and Canadian crude oil and liquid fuels supply is on track to reach 9 million barrels a day in 2027. A primary force to arrest the growing glut is lower prices, but the heating oil (diesel) future has surged about 125% in 2026 to Oct. 16 -- the greatest annual gain in the future's history since 1987. My takeaway from the graphic featuring the HO1 price overlaid with the S&P 500 vs. GDP is that 2026 may mark about extreme as it gets for inflation from rapidly rising risk-asset wealth creation and energy prices. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tn5d58kgifr9 {BI COMD} #diesel #StockMarket #energy #inflation @BBGIntelligence