[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fG0hTw70xeB28ai478yMpB35L3_z_Dyy3dUET-FtJPE8":3},{"data":4},{"newsletter_list_id":5,"preview_text":6,"content_tags":7,"created":8,"id":9,"title":10,"hidden_from_feed":11,"slug":12,"subtitle":6,"meta_default_description":13,"authors":14,"thumbnail_url":16,"meta_default_title":10,"status":17,"audience":18,"publish_date":19,"displayed_date":5,"email_capture_popup":20,"enforce_gated_content":11,"platform":18,"web_url":21,"split_tested":11,"subject_line":10,"free_content_html":22},null,"Prior oil shocks did more damage to stocks.",[],1775414854,"post_9fec33df-7e33-472a-ac1d-8440a4a531da","Chokepoint: Stocks Have An Oil Problem",false,"chokepoint-stocks-have-an-oil-problem","Crude oil shock, equity risk, and what to do this week. WTI at $113, extreme backwardation, and the tactical equity playbook for April 2026.",[15],"Nicholas Crown","https:\u002F\u002Fbeehiiv-images-production.s3.amazonaws.com\u002Fuploads\u002Fasset\u002Ffile\u002F77133215-ac9d-4735-aaff-27a16b85683b\u002Fcrown_macro_cover.png?t=1775434884","confirmed","both",1775469600,true,"https:\u002F\u002Fletter.nicholascrown.com\u002Fp\u002Fchokepoint-stocks-have-an-oil-problem","\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Stocks have not paid the full price for high oil yet. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Crude opened at $113.47 Sunday night. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> The futures curve is the most stressed it has been since the year 2000. Right now, we’re $14.72 backwardated. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> I built the model this weekend: what crude levels matter for stocks, what to own, what to cut, and where to put fresh cash. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Only a few actions cleared the hurdle. \u003C\u002Fp>\u003C\u002Fdiv>"]