that's putting more demand on gasoline valero, largest refiner out there, vlo, they are buying 10,000 of the june 80 calls. so both of these trades are in june, so plenty of time. june 80s, but the stock was only 71.44 this morning that's a lot of upside, scott. so i'll buy something a little lower and sell that higher strike, but i love that they're projecting great things into the 4 it 4th of july which is normally when we see driving peak in the united states. >> yeah. given the amount of traffic back on the road already in this area and probably in the big city where you live, jon, i can only imagine what it will be like this summer as we really get out and about. >> yeah. >> you are already getting a flavor of that, so it is a very interesting trade you bring us thank you for that we will do ask halftime next send your questions by video, we'll put th oemn the air. e-mail us, askhalftime@cnbc.com. we're back after this. (vo) nobody dreams in conventional thinking. it didn't get us to the moon. it doesn't ring the bell on wall street. or disrupt the status quo. t-mobile for busine

huge baton rouge location earlier today, by the way, saying there was no damage ed should restart soon valero has two facilities in the new orleans area shell has one, pbf and philips 66 in lake charles, which is another 5% of refining capacity, really it is mostly about citgo's massive one and a smaller one on the refining side like we said most of that is shut down right now although it should start soon. the situation is fluid some good news the colonial pipeline saying tonight it will restart operations later on tonight. so gasoline prices should, hopefully, remain stable also keep an eye on maybe the most important company of all right now to millions of people, that is entergy, the power provider for new orleans and much of the area as we noted, there is no power in much of the area. no state relies more on electric power than louisiana, particularly to power the water pumps. it remains even as the storm is passing through a scary situation and reports power could be off for some for weeks. that is the key. not how much of the energy grid is off line -- by the way, it happened a lot in

they are going to give it to, say, exxon, valero those will return the oil at some date. with extra barrels kind of like interest whether or not that occurs at what time. i spent all day texting and talking to oil executives and ceos they all told me they are a little confused. the president wants higher production the same day, you have a letter basically saying, you know, threatening action and asking for prices asking all these questions and feeling they are sort of under the gun on one hand and to be the good guys and pump more oil on the other hand. there is a lot going on in the oil markets. it didn't lower prices it would in the future the spr was not designed to lower prices it should be noted a lot of the oil is sort of heavy, sour splujy stuff it may not even be the oil that american producerswant you guys at home, i've got a 5 gallon racing jug. i use it for lawn mowers and things i have used it for a kgenerator. gas goes bad it is oil sitting in actual caves in the ground. it gets messi and dirty but it will work. the strategic petroleum reserve is just that y

i don't know, hey, look, valero is moving. that was a joke, but we have to be careful if you lose the cloud stocks, lose the companies that are losing money, about have great 40% revenue growth, that's not enough anymore, and i'm worried about retail because of omicron. i think that omicron is sweeping the nation >> from a foot traffic point of view >> maybe you want to take a break, but mark mahaney's work, his service says amazon is more negative i don't know if amazon is not that good and the mall is not that good, we have to pull back alternates a little shopify is great i think shopify and etsy are the two that don't have supply chain problems i really like both when i see a stock like adobe down, i say, okay, be a little circumspect. adobe is a great company. >>> if david were here, we would definitely have mentioned morgan stanley, but they do see a lot of catalyst -- >> very positive piece, and at the risk of making david have to call in, i'm going to go with it. >> really? >> i'm going with it. >> he's going to be mad

valero energy up 34.5% apa up 1% we will see if it picks up in the afternoon session. john, over to you. >> thank you >>> fed chair powell and fed chair secretary yellen are wrapping up their second day of testimony on capitol hill. steve liesman joins me with the latest steve. >> hey, john yeah, fed chair powell in his day two of testimony maintain his high level of concern over inflation and reiterated the fed will discuss a faster taper timeline at its upcoming meeting in about two weeks he said there's no reason it should be disruptive to markets. >> you can see that the highly accommodative policy that we have, even after the taper is done, there's really -- it is really appropriate that we -- that we taper. as i mentioned yesterday - >> i agree >> -- in my view it is appropriate we consider at the next meeting tapering faster so that it wraps up a few months earlier. >> a lot more politics today republicans in the hearing working to pin the current inflation on the bide inadministration's spending policies democrats blaming the pandemic and supply shortages for i

than $1 million of apple, alibaba, facebook and google, several energy companies like marathon and valero. unclear how much of each he has as the disclosure form only says larger than $1 million such holdings and trades are small relative showing several fomc members with values in the millions including fed chair jay powell and many accrued during years in finance. with some private equity and investments. >> i guess in a perfect worlds that what you'd want but it sounds like it was all within the norms. he certainly said the wrong things if he was trying to juice his stocks if he was long. he was one of the most hawkish you know what i'd like to hear i'd like to hear kyle has got all his money in bitcoin gold or bitcoin. >> i'm going to look up powell for you. >> it was a point, steve work with me with what he's doing in debasing the currency, they ought to have all their money in bitcoin in gold take it easy just joking around you'll still get interviews. relax. >> i didn't know that was a joke >> while they're debasing the currency some could argue that central bankers around the worl