I've Never Seen Markets Like This: Goldman's Currie

The video discusses the current state of the oil market, highlighting its exceptional tightness and vulnerability to supply and demand disruptions. It draws parallels with the European gas and power markets, emphasizing the risks identified in the previous year. The speaker describes the current situation as a 'molecule crisis' with widespread shortages across various commodities, contrasting it with the 2008 financial crisis. The concept of backwardation is explored, noting its historical significance and current prevalence in the market, indicating textbook shortages.

What risks were highlighted by the speaker regarding supply or demand disruptions?

What does the speaker mean by 'textbook shortages' in the context of the current market?