Bloomberg Surveillance 5/4/2026

Watch on YouTube ↗  |  May 04, 2026 at 17:00  |  2:24:20  |  Bloomberg Markets
Speakers
Susan Bell — Head of U.S. Analysis, Rystad Energy
Tom Kennedy — Chief Investment Strategist, J.P. Morgan Asset Management
Henrietta Treyz — Political Analyst, Veda Partners

Summary

The episode covers ongoing geopolitical tensions in the Strait of Hormuz, impact on crude oil prices, and market resilience driven by AI capex and strong earnings. Key guests discuss oil price outlook, hedging strategies, and real estate opportunities. Fed policy uncertainty and consumer spending dynamics are also examined.

  • Oil prices spike on conflicting headlines about Iran blockade and U.S. naval operations.
  • Barclays' Alex Altmann predicts WTI could hit $110 if the blockade persists through May.
  • Altmann recommends hedging equities via S&P put options given cheap skew.
  • Rystad Energy's Susan Bell expects oil to remain supported for months after the Strait reopens.
  • JPMorgan's Tom Kennedy highlights industrial real estate as a key investment due to AI data center power demand.
  • U.S. labor market remains resilient ahead of payrolls report, Fed speakers split on rate path.
  • Consumer confidence weakens as gasoline prices near $4.50 per gallon.
  • Spirit Airlines shuts down after failed bailout, underscoring energy war damage.
Trade Ideas
Alex Altman Global Head of Equities, Tactical Strategies, Barclays 6:44
WTI to $110 if blockade continues.
If the Strait of Hormuz blockade continues through the end of May, WTI will rise to approximately $110 and Brent to $130 due to low gasoline reserves, the start of driving season, and Europe's jet fuel shortage.
BNO WTI MED
Alex Altman Global Head of Equities, Tactical Strategies, Barclays 7:16
Equities decay if blockade persists.
If the blockade persists, equities will start to decay similarly to what was seen in March, driven by the positive re-rating from oil and other factors turning negative.
SPY MED
Alex Altman Global Head of Equities, Tactical Strategies, Barclays 11:00
S&P put vault attractive for hedging.
The S&P 500 put vault is attractively priced because skew has come down significantly, making it a good time to hedge equity portfolios.
S&P 500 put options MED
Tom Kennedy Chief Investment Strategist, J.P. Morgan Asset Management 111:53
Industrial real estate investment opportunity.
The only meaningful investment opportunity in commercial real estate is high-powered industrial space, driven by the need for data centers and onshoring manufacturing, with supply constraints and rising demand.
XLRE MED
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This Bloomberg Markets video, published May 04, 2026, features Alex Altman, Tom Kennedy discussing BNO, WTI, SPY, S&P 500 put options, XLRE. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alex Altman, Tom Kennedy  · Tickers: BNO, WTI, SPY, S&P 500 put options, XLRE