Venezuelan Oil Heads to US; Trump Won't Rule Out Taking Greenland by Force | The Pulse 1/7/2026

Watch on YouTube ↗  |  January 07, 2026 at 11:57  |  48:25  |  Bloomberg Markets
Speakers
Will Kennedy — EMEA News Director, Bloomberg
Katharine Neiss — PGIM Credit Deputy Head of Global Economics
Michael Widmer — Head of Metals Research, Bank of America
Stephanie Baker — Bloomberg News Senior Writer
Dominique de Villepin — Former French Prime Minister
Lars-Christian Brask — Deputy Speaker, Danish Parliament
Francine Lacqua — Anchor, Bloomberg

Summary

The video covers President Trump's plan to bring up to 50 million barrels of Venezuelan oil to the U.S., White House refusal to rule out force over Greenland, and related geopolitical risks. Guests discuss the uncertain Venezuelan oil revival, European and NATO implications, fixed-income risk premia and curve steepening, and metals markets where copper and gold are favored and silver is catching up. Tech headlines include Nvidia and AMD demand debate, data-center cooling moves, and Samsung chip and rare-earth warnings.

  • Trump says up to 50 million barrels of Venezuelan oil will ship to the U.S.; timing and mechanics remain unclear.
  • Greenland tensions rise as the White House refuses to rule out military force and Denmark seeks talks with Secretary Rubio.
  • Former French PM de Villepin warns a Greenland move would be a European redline and damage NATO.
  • PGIM's Katharine Neiss discusses oil-supply implications, tariff inflation uncertainty, and curve steepening.
  • Bank of America's Michael Widmer remains bullish copper and gold, sees silver catching up, and flags volatility risks.
  • Tech segment covers Nvidia demand, AMD share reaction, cooling companies, and Samsung's chip and rare-earth shortage warning.
  • Markets are mostly looking through geopolitics while watching U.S. data and AI-related earnings signals.
Ideas
Will Kennedy EMEA News Director, Bloomberg 2:23
Venezuela oil revival hard; companies need stability.
Long-term U.S. dominance over Venezuela's oil industry is very difficult to achieve. To persuade companies such as Chevron, Exxon, and Conoco to invest, they would need political certainty that they will not be expropriated and stability well into the 2030s, while reviving the industry would cost tens of billions of dollars and Venezuela's political future is unclear. This leaves their Venezuela exposure as a monitorable setup rather than a clean directional trade.
CVX XOM COP MED
Katharine Neiss PGIM Credit Deputy Head of Global Economics 5:25
Venezuelan supply may push oil lower.
If Venezuelan oil exports add supply to global markets at the margin, energy prices could fall, lowering near-term inflation. This is a bearish oil implication, although she also sees geopolitical risk premia potentially rising further out.
WTI LOW
Katharine Neiss PGIM Credit Deputy Head of Global Economics 5:53
Rates curve steepener; long-end yields rise.
She expects lower energy prices to reduce near-term inflation while geopolitical and defense risks and compressed long-term risk premia push long-end yields higher. Other things equal, she would have expected more curve steepening, continuing a multi-year trend.
Government bond yield curve steepener MED
Michael Widmer Head of Metals Research, Bank of America 30:19
Copper supported by tariffs, real shortages.
U.S. tariff policy has pulled copper inventories into the U.S. and locked up metal, leaving outside markets tight. Real supply deficits and shortages support copper prices, and the move is fundamentally driven rather than purely a dislocation.
COPPER HIGH
Michael Widmer Head of Metals Research, Bank of America 32:01
Gold bullish; underinvested, central banks buying.
Gold is overbought but underinvested. He has been bullish due to U.S. debt concerns, and new drivers have extended the rally. Central banks keep buying gold for reserve diversification as geopolitical fragmentation makes dollar and Treasury recycling harder, while portfolio allocations remain below optimal levels. The main risk is speculative flows and a reset in expectations.
GLD HIGH
Michael Widmer Head of Metals Research, Bank of America 34:32
Silver catching up; strong demand, volatile risk.
Silver is catching up after years of flat prices. Low liquidity means buyers have to pay up, and demand remains good from solar panels and EVs. Speculative flows and high realized volatility are risks, but the setup remains supported.
SILVER MED
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This Bloomberg Markets video, published January 07, 2026, features Will Kennedy, Katharine Neiss, Michael Widmer discussing CVX, XOM, COP, WTI, Government bond yield curve steepener, COPPER, GLD, SILVER. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Will Kennedy, Katharine Neiss, Michael Widmer  · Tickers: CVX, XOM, COP, WTI, Government bond yield curve steepener, COPPER, GLD, SILVER