KG: "We're Not Done" with Crude Oil Volatility, Watch Helium Price Action

• Crude oil faces potential downside from Iran negotiations but maintains an overall bullish trend due to logistical headwinds and low inventory, with refining margins increasing.
• A Russian export ban and Qatari production strike are severely restricting global helium supply, pushing prices higher and creating synthetic demand.
• The April NAHB Housing Market Index fell to 34, its lowest since September 2025, indicating contraction in the housing market due to elevated interest rates and rising material costs.

The discussion covers the impact of Iran negotiations on crude oil, highlighting expected volatility but an overall bullish trend due to supply constraints and rising refining margins. It also details the helium market, noting supply disruptions from Russia and Qatar, which are expected to drive prices higher and benefit companies like Air Products & Chemicals. Finally, the April NAHB Housing Market Index shows a decline, reflecting a pessimistic outlook for homebuilders due to high interest rates and rising input costs.