Is crude oil the new meme stock, or are we just witnessing a classic supply shock? In this episode of The Futures Rundown, Mark Longo is joined by Brett Friedman, Managing Partner at Winhall Risk Analytics, to dissect a wild week in the pits.

As geopolitical tensions shift from Venezuela to Iran, the energy complex has reclaimed center stage. We break down why WTI and Brent are seeing "triple-digit" volatility levels—territory usually reserved for Natural Gas—and whether the current market madness truly is "unprecedented" or if history has a lesson for today's traders.

In this episode, we explore:

• The Energy Surge: Why WTI and Brent are dominating the tape and what the extreme backwardation in the futures curve is telling us about the next three months.

• The Gold & Silver Flip: Why the "debasement trade" lost its luster just as conflict flared, and whether gold is still a "flight to quality" or just another risk asset.

• Volatility Reality Check: Brett compares today's markets to Gulf War I, Gulf War II, and the 2020 "negative crude" era.

• The Trading Pit: A countdown of the week's biggest gainers and losers, from Heating Oil's massive rally to the ongoing "bloodletting" in the Crypto complex.

• Equities & Correlation: How the S&P is reacting to headlines out of Washington and what rising correlation indexes mean for your strategy.