US reserves have fallen to their lowest level in many decades, a situation that would normally trigger alarm across energy markets.

On the latest Unhedged podcast, Katie Martin and the FT’s Energy Editor Malcolm Moore try to figure out why the market has remained calm and whether it will finally freak out.

The conversation also veers into lighter territory as they go long Bank of America chief executive Brian Moynihan’s vocabulary and short the sun, while reminding listeners they can save 10% on tickets to the London FT Weekend Festival with the code FTPodcast.

A free 30‑day trial of the Unhedged newsletter is available at ft.com/unhedgedoffer, and readers can email Robert Armstrong or Katie Martin at [email protected] for a transcript or further questions.

The hosts note that despite the drawdown of the Strategic Petroleum Reserve, broader commodities markets have shown limited volatility, suggesting that traders may be pricing in ample supply from other regions.

They also discuss how upcoming OPEC+ production decisions could shift sentiment, but for now the market’s composure remains puzzling to both analysts and listeners alike.