AU Stock MarketDetailed Quotes

Synlait Milk Ltd (SM1)

Watchlist
  • 0.350
  • 0.0000.00%
20min DelayMarket Closed May 1 16:00 AET
211.12MMarket Cap-5.15P/E (Static)

Earnings

Revenue Breakdown

Financial Indicators

Income Statement

Balance Sheet

Cash Flow

Synlait Milk Ltd (SM1) Balance Sheet

Quarterly+Annual
YOY yoy
Hide blank lines yoy
(FY)Jul 30, 2025
(Q4)Jul 30, 2025
(FY)Jul 30, 2024
(Q4)Jul 30, 2024
(FY)Jul 30, 2023
(Q4)Jul 30, 2023
(FY)Jul 30, 2022
(Q4)Jul 30, 2022
(FY)Jul 30, 2021
(Q4)Jul 30, 2021
Assets
Current assets
Cash, cash equivalents and short term investments
661.97%78.28M
661.97%78.28M
10.58%10.27M
10.58%10.27M
-35.90%9.29M
-35.90%9.29M
-9.53%14.49M
-9.53%14.49M
172.13%16.02M
172.13%16.02M
-Cash and cash equivalents
661.97%78.28M
661.97%78.28M
10.58%10.27M
10.58%10.27M
-35.90%9.29M
-35.90%9.29M
-9.53%14.49M
-9.53%14.49M
172.13%16.02M
172.13%16.02M
Receivables
-34.46%94.99M
-34.46%94.99M
74.73%144.92M
74.73%144.92M
-8.95%82.94M
-8.95%82.94M
-15.95%91.1M
-15.95%91.1M
71.88%108.38M
71.88%108.38M
-Accounts receivable
-38.57%62.13M
-38.57%62.13M
29.63%101.14M
29.63%101.14M
-8.83%78.02M
-8.83%78.02M
-15.48%85.57M
-15.48%85.57M
79.24%101.24M
79.24%101.24M
-Other receivables
-20.25%37.16M
-20.25%37.16M
520.62%46.6M
520.62%46.6M
-18.22%7.51M
-18.22%7.51M
-5.55%9.18M
-5.55%9.18M
28.74%9.72M
28.74%9.72M
-Recievables adjustments allowances
-52.82%-4.3M
-52.82%-4.3M
-8.77%-2.82M
-8.77%-2.82M
29.25%-2.59M
29.25%-2.59M
-41.62%-3.66M
-41.62%-3.66M
-164.38%-2.58M
-164.38%-2.58M
Inventory
34.20%281.42M
34.20%281.42M
-16.20%209.7M
-16.20%209.7M
7.43%250.25M
7.43%250.25M
-14.03%232.94M
-14.03%232.94M
0.58%270.94M
0.58%270.94M
Prepaid assets
-50.28%13.81M
-50.28%13.81M
181.15%27.78M
181.15%27.78M
-40.62%9.88M
-40.62%9.88M
16.37%16.64M
16.37%16.64M
15.26%14.3M
15.26%14.3M
Current deferred assets
-68.99%1.62M
-68.99%1.62M
59.98%5.23M
59.98%5.23M
490.43%3.27M
490.43%3.27M
-91.07%554K
-91.07%554K
--6.2M
--6.2M
Hedging assets-current
304.72%13.72M
304.72%13.72M
-79.26%3.39M
-79.26%3.39M
150.21%16.34M
150.21%16.34M
-78.90%6.53M
-78.90%6.53M
37.34%30.94M
37.34%30.94M
Holding assets for sale
----
----
-96.94%5.45M
-96.94%5.45M
--177.88M
--177.88M
----
----
----
----
Other current assets
--9.85M
--9.85M
----
----
-33.87%5.52M
-33.87%5.52M
34.27%8.34M
34.27%8.34M
-52.68%6.21M
-52.68%6.21M
Total current assets
21.37%493.67M
21.37%493.67M
-26.76%406.74M
-26.76%406.74M
49.86%555.37M
49.86%555.37M
-18.19%370.59M
-18.19%370.59M
17.24%453M
17.24%453M
Non current assets
Net PPE
-2.58%923.32M
-2.58%923.32M
-8.44%947.78M
-8.44%947.78M
-0.56%1.04B
-0.56%1.04B
-0.01%1.04B
-0.01%1.04B
5.85%1.04B
5.85%1.04B
-Gross PPE
-0.04%1.31B
-0.04%1.31B
-2.06%1.31B
-2.06%1.31B
1.79%1.34B
1.79%1.34B
3.82%1.31B
3.82%1.31B
9.17%1.27B
9.17%1.27B
-Accumulated depreciation
-6.59%-386.08M
-6.59%-386.08M
-19.78%-362.2M
-19.78%-362.2M
-10.77%-302.4M
-10.77%-302.4M
-21.60%-272.98M
-21.60%-272.98M
-27.71%-224.5M
-27.71%-224.5M
Investments and advances
23.71%2.3M
23.71%2.3M
98.93%1.86M
98.93%1.86M
750.00%935K
750.00%935K
0.00%110K
0.00%110K
-23.08%110K
-23.08%110K
-Long term equity investment
25.20%2.19M
25.20%2.19M
112.12%1.75M
112.12%1.75M
--825K
--825K
----
----
----
----
-Financial asset investment
0.00%110K
0.00%110K
--110K
--110K
----
----
----
----
----
----
-Including:Trading securities
0.00%110K
0.00%110K
--110K
--110K
----
----
----
----
----
----
-Other investment
----
----
----
----
0.00%110K
0.00%110K
0.00%110K
0.00%110K
-23.08%110K
-23.08%110K
Financial assets
3,969.23%1.59M
3,969.23%1.59M
-99.39%39K
-99.39%39K
286.94%6.43M
286.94%6.43M
3,033.96%1.66M
3,033.96%1.66M
-99.62%53K
-99.62%53K
Goodwill and other intangible assets
-3.99%128.66M
-3.99%128.66M
59.95%134M
59.95%134M
-47.20%83.77M
-47.20%83.77M
28.13%158.66M
28.13%158.66M
14.60%123.82M
14.60%123.82M
-Goodwill
0.00%58.16M
0.00%58.16M
865.20%58.16M
865.20%58.16M
-90.61%6.03M
-90.61%6.03M
0.00%64.19M
0.00%64.19M
-2.07%64.19M
-2.07%64.19M
-Other intangible assets
-7.04%70.49M
-7.04%70.49M
-2.46%75.83M
-2.46%75.83M
-17.70%77.75M
-17.70%77.75M
58.42%94.47M
58.42%94.47M
40.30%59.63M
40.30%59.63M
Non current deferred assets
--9.61M
--9.61M
----
----
----
----
----
----
----
----
Other non current assets
31.53%4.73M
31.53%4.73M
-7.91%3.6M
-7.91%3.6M
0.36%3.91M
0.36%3.91M
--3.89M
--3.89M
----
----
Total non current assets
-1.57%1.07B
-1.57%1.07B
-3.80%1.09B
-3.80%1.09B
-6.23%1.13B
-6.23%1.13B
3.45%1.21B
3.45%1.21B
5.36%1.17B
5.36%1.17B
Total assets
4.68%1.56B
4.68%1.56B
-11.37%1.49B
-11.37%1.49B
6.96%1.69B
6.96%1.69B
-2.61%1.58B
-2.61%1.58B
8.44%1.62B
8.44%1.62B
Liabilities
Current liabilities
Current debt and capital lease obligation
-10.82%335.34M
-10.82%335.34M
51.06%376.03M
51.06%376.03M
293.96%248.93M
293.96%248.93M
72.75%63.19M
72.75%63.19M
-65.90%36.58M
-65.90%36.58M
-Current debt
-11.05%328.84M
-11.05%328.84M
51.69%369.7M
51.69%369.7M
313.90%243.73M
313.90%243.73M
76.66%58.89M
76.66%58.89M
-67.59%33.33M
-67.59%33.33M
-Current capital lease obligation
2.72%6.5M
2.72%6.5M
21.67%6.33M
21.67%6.33M
20.90%5.2M
20.90%5.2M
32.62%4.3M
32.62%4.3M
-26.66%3.24M
-26.66%3.24M
Payables
46.70%378.34M
46.70%378.34M
-8.21%257.9M
-8.21%257.9M
-13.05%280.95M
-13.05%280.95M
22.36%323.12M
22.36%323.12M
10.60%264.07M
10.60%264.07M
-accounts payable
91.24%191.38M
91.24%191.38M
-30.17%100.07M
-30.17%100.07M
2.03%143.31M
2.03%143.31M
38.90%140.46M
38.90%140.46M
-5.44%101.12M
-5.44%101.12M
-Other payable
18.46%186.96M
18.46%186.96M
14.66%157.82M
14.66%157.82M
-24.65%137.65M
-24.65%137.65M
12.10%182.67M
12.10%182.67M
23.61%162.95M
23.61%162.95M
Current provisions
-2.66%8.16M
-2.66%8.16M
-68.78%8.39M
-68.78%8.39M
-51.98%26.86M
-51.98%26.86M
419.42%55.94M
419.42%55.94M
-23.88%10.77M
-23.88%10.77M
Other current liabilities
----
----
----
----
--60.61M
--60.61M
----
----
----
----
Current liabilities
12.38%721.84M
12.38%721.84M
4.04%642.31M
4.04%642.31M
39.59%617.35M
39.59%617.35M
42.01%442.25M
42.01%442.25M
-19.06%311.41M
-19.06%311.41M
Non current liabilities
Long term debt and capital lease obligation
-79.61%48.73M
-79.61%48.73M
8.30%239.01M
8.30%239.01M
-31.11%220.69M
-31.11%220.69M
-32.04%320.34M
-32.04%320.34M
6.74%471.36M
6.74%471.36M
-Long term debt
----
----
6.85%191.26M
6.85%191.26M
-39.44%179M
-39.44%179M
-35.68%295.59M
-35.68%295.59M
7.69%459.58M
7.69%459.58M
-Long term capital lease obligation
2.06%48.73M
2.06%48.73M
14.53%47.75M
14.53%47.75M
68.46%41.69M
68.46%41.69M
110.19%24.75M
110.19%24.75M
-20.64%11.78M
-20.64%11.78M
Derivative product liabilities
-86.35%608K
-86.35%608K
--4.45M
--4.45M
----
----
132.99%20.57M
132.99%20.57M
83.77%8.83M
83.77%8.83M
Non current deferred liabilities
----
----
-99.66%187K
-99.66%187K
30.62%54.69M
30.62%54.69M
-29.56%41.87M
-29.56%41.87M
8.76%59.43M
8.76%59.43M
Other non current liabilities
19.87%3.91M
19.87%3.91M
30.13%3.26M
30.13%3.26M
-1.73%2.51M
-1.73%2.51M
--2.55M
--2.55M
----
----
Total non current liabilities
-78.43%53.25M
-78.43%53.25M
-11.15%246.91M
-11.15%246.91M
-27.88%277.88M
-27.88%277.88M
-28.59%385.33M
-28.59%385.33M
7.70%539.62M
7.70%539.62M
Total liabilities
-12.83%775.09M
-12.83%775.09M
-0.67%889.22M
-0.67%889.22M
8.18%895.24M
8.18%895.24M
-2.76%827.58M
-2.76%827.58M
-3.92%851.04M
-3.92%851.04M
Shareholders'equity
Share capital
45.64%676.88M
45.64%676.88M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
73.07%464.77M
73.07%464.77M
-common stock
45.64%676.88M
45.64%676.88M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
0.00%464.77M
73.07%464.77M
73.07%464.77M
Retained earnings
-27.34%105.85M
-27.34%105.85M
-55.56%145.68M
-55.56%145.68M
-1.29%327.79M
-1.29%327.79M
13.12%332.08M
13.12%332.08M
-9.39%293.56M
-9.39%293.56M
Gains losses not affecting retained earnings
207.10%6.05M
207.10%6.05M
-158.51%-5.65M
-158.51%-5.65M
95.49%-2.19M
95.49%-2.19M
-651.58%-48.46M
-651.58%-48.46M
-37.06%8.79M
-37.06%8.79M
Total stockholders'equity
30.42%788.79M
30.42%788.79M
-23.48%604.8M
-23.48%604.8M
5.61%790.37M
5.61%790.37M
-2.44%748.4M
-2.44%748.4M
26.49%767.11M
26.49%767.11M
Total equity
30.42%788.79M
30.42%788.79M
-23.48%604.8M
-23.48%604.8M
5.61%790.37M
5.61%790.37M
-2.44%748.4M
-2.44%748.4M
26.49%767.11M
26.49%767.11M
Accounting Standards
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
US-GAAP
(FY)Jul 30, 2025(Q4)Jul 30, 2025(FY)Jul 30, 2024(Q4)Jul 30, 2024(FY)Jul 30, 2023(Q4)Jul 30, 2023(FY)Jul 30, 2022(Q4)Jul 30, 2022(FY)Jul 30, 2021(Q4)Jul 30, 2021
Assets
Current assets
Cash, cash equivalents and short term investments 661.97%78.28M661.97%78.28M10.58%10.27M10.58%10.27M-35.90%9.29M-35.90%9.29M-9.53%14.49M-9.53%14.49M172.13%16.02M172.13%16.02M
-Cash and cash equivalents 661.97%78.28M661.97%78.28M10.58%10.27M10.58%10.27M-35.90%9.29M-35.90%9.29M-9.53%14.49M-9.53%14.49M172.13%16.02M172.13%16.02M
Receivables -34.46%94.99M-34.46%94.99M74.73%144.92M74.73%144.92M-8.95%82.94M-8.95%82.94M-15.95%91.1M-15.95%91.1M71.88%108.38M71.88%108.38M
-Accounts receivable -38.57%62.13M-38.57%62.13M29.63%101.14M29.63%101.14M-8.83%78.02M-8.83%78.02M-15.48%85.57M-15.48%85.57M79.24%101.24M79.24%101.24M
-Other receivables -20.25%37.16M-20.25%37.16M520.62%46.6M520.62%46.6M-18.22%7.51M-18.22%7.51M-5.55%9.18M-5.55%9.18M28.74%9.72M28.74%9.72M
-Recievables adjustments allowances -52.82%-4.3M-52.82%-4.3M-8.77%-2.82M-8.77%-2.82M29.25%-2.59M29.25%-2.59M-41.62%-3.66M-41.62%-3.66M-164.38%-2.58M-164.38%-2.58M
Inventory 34.20%281.42M34.20%281.42M-16.20%209.7M-16.20%209.7M7.43%250.25M7.43%250.25M-14.03%232.94M-14.03%232.94M0.58%270.94M0.58%270.94M
Prepaid assets -50.28%13.81M-50.28%13.81M181.15%27.78M181.15%27.78M-40.62%9.88M-40.62%9.88M16.37%16.64M16.37%16.64M15.26%14.3M15.26%14.3M
Current deferred assets -68.99%1.62M-68.99%1.62M59.98%5.23M59.98%5.23M490.43%3.27M490.43%3.27M-91.07%554K-91.07%554K--6.2M--6.2M
Hedging assets-current 304.72%13.72M304.72%13.72M-79.26%3.39M-79.26%3.39M150.21%16.34M150.21%16.34M-78.90%6.53M-78.90%6.53M37.34%30.94M37.34%30.94M
Holding assets for sale ---------96.94%5.45M-96.94%5.45M--177.88M--177.88M----------------
Other current assets --9.85M--9.85M---------33.87%5.52M-33.87%5.52M34.27%8.34M34.27%8.34M-52.68%6.21M-52.68%6.21M
Total current assets 21.37%493.67M21.37%493.67M-26.76%406.74M-26.76%406.74M49.86%555.37M49.86%555.37M-18.19%370.59M-18.19%370.59M17.24%453M17.24%453M
Non current assets
Net PPE -2.58%923.32M-2.58%923.32M-8.44%947.78M-8.44%947.78M-0.56%1.04B-0.56%1.04B-0.01%1.04B-0.01%1.04B5.85%1.04B5.85%1.04B
-Gross PPE -0.04%1.31B-0.04%1.31B-2.06%1.31B-2.06%1.31B1.79%1.34B1.79%1.34B3.82%1.31B3.82%1.31B9.17%1.27B9.17%1.27B
-Accumulated depreciation -6.59%-386.08M-6.59%-386.08M-19.78%-362.2M-19.78%-362.2M-10.77%-302.4M-10.77%-302.4M-21.60%-272.98M-21.60%-272.98M-27.71%-224.5M-27.71%-224.5M
Investments and advances 23.71%2.3M23.71%2.3M98.93%1.86M98.93%1.86M750.00%935K750.00%935K0.00%110K0.00%110K-23.08%110K-23.08%110K
-Long term equity investment 25.20%2.19M25.20%2.19M112.12%1.75M112.12%1.75M--825K--825K----------------
-Financial asset investment 0.00%110K0.00%110K--110K--110K------------------------
-Including:Trading securities 0.00%110K0.00%110K--110K--110K------------------------
-Other investment ----------------0.00%110K0.00%110K0.00%110K0.00%110K-23.08%110K-23.08%110K
Financial assets 3,969.23%1.59M3,969.23%1.59M-99.39%39K-99.39%39K286.94%6.43M286.94%6.43M3,033.96%1.66M3,033.96%1.66M-99.62%53K-99.62%53K
Goodwill and other intangible assets -3.99%128.66M-3.99%128.66M59.95%134M59.95%134M-47.20%83.77M-47.20%83.77M28.13%158.66M28.13%158.66M14.60%123.82M14.60%123.82M
-Goodwill 0.00%58.16M0.00%58.16M865.20%58.16M865.20%58.16M-90.61%6.03M-90.61%6.03M0.00%64.19M0.00%64.19M-2.07%64.19M-2.07%64.19M
-Other intangible assets -7.04%70.49M-7.04%70.49M-2.46%75.83M-2.46%75.83M-17.70%77.75M-17.70%77.75M58.42%94.47M58.42%94.47M40.30%59.63M40.30%59.63M
Non current deferred assets --9.61M--9.61M--------------------------------
Other non current assets 31.53%4.73M31.53%4.73M-7.91%3.6M-7.91%3.6M0.36%3.91M0.36%3.91M--3.89M--3.89M--------
Total non current assets -1.57%1.07B-1.57%1.07B-3.80%1.09B-3.80%1.09B-6.23%1.13B-6.23%1.13B3.45%1.21B3.45%1.21B5.36%1.17B5.36%1.17B
Total assets 4.68%1.56B4.68%1.56B-11.37%1.49B-11.37%1.49B6.96%1.69B6.96%1.69B-2.61%1.58B-2.61%1.58B8.44%1.62B8.44%1.62B
Liabilities
Current liabilities
Current debt and capital lease obligation -10.82%335.34M-10.82%335.34M51.06%376.03M51.06%376.03M293.96%248.93M293.96%248.93M72.75%63.19M72.75%63.19M-65.90%36.58M-65.90%36.58M
-Current debt -11.05%328.84M-11.05%328.84M51.69%369.7M51.69%369.7M313.90%243.73M313.90%243.73M76.66%58.89M76.66%58.89M-67.59%33.33M-67.59%33.33M
-Current capital lease obligation 2.72%6.5M2.72%6.5M21.67%6.33M21.67%6.33M20.90%5.2M20.90%5.2M32.62%4.3M32.62%4.3M-26.66%3.24M-26.66%3.24M
Payables 46.70%378.34M46.70%378.34M-8.21%257.9M-8.21%257.9M-13.05%280.95M-13.05%280.95M22.36%323.12M22.36%323.12M10.60%264.07M10.60%264.07M
-accounts payable 91.24%191.38M91.24%191.38M-30.17%100.07M-30.17%100.07M2.03%143.31M2.03%143.31M38.90%140.46M38.90%140.46M-5.44%101.12M-5.44%101.12M
-Other payable 18.46%186.96M18.46%186.96M14.66%157.82M14.66%157.82M-24.65%137.65M-24.65%137.65M12.10%182.67M12.10%182.67M23.61%162.95M23.61%162.95M
Current provisions -2.66%8.16M-2.66%8.16M-68.78%8.39M-68.78%8.39M-51.98%26.86M-51.98%26.86M419.42%55.94M419.42%55.94M-23.88%10.77M-23.88%10.77M
Other current liabilities ------------------60.61M--60.61M----------------
Current liabilities 12.38%721.84M12.38%721.84M4.04%642.31M4.04%642.31M39.59%617.35M39.59%617.35M42.01%442.25M42.01%442.25M-19.06%311.41M-19.06%311.41M
Non current liabilities
Long term debt and capital lease obligation -79.61%48.73M-79.61%48.73M8.30%239.01M8.30%239.01M-31.11%220.69M-31.11%220.69M-32.04%320.34M-32.04%320.34M6.74%471.36M6.74%471.36M
-Long term debt --------6.85%191.26M6.85%191.26M-39.44%179M-39.44%179M-35.68%295.59M-35.68%295.59M7.69%459.58M7.69%459.58M
-Long term capital lease obligation 2.06%48.73M2.06%48.73M14.53%47.75M14.53%47.75M68.46%41.69M68.46%41.69M110.19%24.75M110.19%24.75M-20.64%11.78M-20.64%11.78M
Derivative product liabilities -86.35%608K-86.35%608K--4.45M--4.45M--------132.99%20.57M132.99%20.57M83.77%8.83M83.77%8.83M
Non current deferred liabilities ---------99.66%187K-99.66%187K30.62%54.69M30.62%54.69M-29.56%41.87M-29.56%41.87M8.76%59.43M8.76%59.43M
Other non current liabilities 19.87%3.91M19.87%3.91M30.13%3.26M30.13%3.26M-1.73%2.51M-1.73%2.51M--2.55M--2.55M--------
Total non current liabilities -78.43%53.25M-78.43%53.25M-11.15%246.91M-11.15%246.91M-27.88%277.88M-27.88%277.88M-28.59%385.33M-28.59%385.33M7.70%539.62M7.70%539.62M
Total liabilities -12.83%775.09M-12.83%775.09M-0.67%889.22M-0.67%889.22M8.18%895.24M8.18%895.24M-2.76%827.58M-2.76%827.58M-3.92%851.04M-3.92%851.04M
Shareholders'equity
Share capital 45.64%676.88M45.64%676.88M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M73.07%464.77M73.07%464.77M
-common stock 45.64%676.88M45.64%676.88M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M0.00%464.77M73.07%464.77M73.07%464.77M
Retained earnings -27.34%105.85M-27.34%105.85M-55.56%145.68M-55.56%145.68M-1.29%327.79M-1.29%327.79M13.12%332.08M13.12%332.08M-9.39%293.56M-9.39%293.56M
Gains losses not affecting retained earnings 207.10%6.05M207.10%6.05M-158.51%-5.65M-158.51%-5.65M95.49%-2.19M95.49%-2.19M-651.58%-48.46M-651.58%-48.46M-37.06%8.79M-37.06%8.79M
Total stockholders'equity 30.42%788.79M30.42%788.79M-23.48%604.8M-23.48%604.8M5.61%790.37M5.61%790.37M-2.44%748.4M-2.44%748.4M26.49%767.11M26.49%767.11M
Total equity 30.42%788.79M30.42%788.79M-23.48%604.8M-23.48%604.8M5.61%790.37M5.61%790.37M-2.44%748.4M-2.44%748.4M26.49%767.11M26.49%767.11M
Accounting Standards US-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAPUS-GAAP
Market Insights
Petroleum
No. Symbol 20D % Chg
Sample Name
Sample Code
 +7.99%
Sample Name
Sample Code
 +4.00%
Sample Name
Sample Code
 +2.86%
4
SINOPEC CORP
00386
+2.22%
5
CNOOC
00883
+1.66%
View More
No. Symbol 20D % Chg
Sample Name
Sample Code
 +46.25%
Sample Name
Sample Code
 +33.47%
Sample Name
Sample Code
 +26.48%
4
Loongson Technology Corporation
688047
+24.63%
5
Rockchip Electronics
603893
+19.54%
View More
Middle East conflict spreads to the stock market! How should investors respond?
On May 1, the more than two-month-long military conflict involving the US, Israel, and Iran will reach a legal milestone, potentially increa Show More
Long-term answers | Your account on the left shrinks, while your right hand is chased by the times — Be the person that no bombardment can ever wipe out.
Hormuz, Term Structure and USO: Navigating the Energy Storm

- No more -