Vito Turitto

Commodities Quant Strategist
#python #commodities #options #volatility #portfoliomanagement #shipping #quantfinance #OOTT #derivatives #machinelearning

[HFI Research @HFI_Research]

Tankers not having fuel oil would be one of the funniest outcomes.

[HFI Research @HFI_Research]

2nd largest draw in history, lowest inventory for this time of the year, headed even lower.

[OPEC @OPECSecretariat]

Dirty tanker spot freight rates increased in 2025 across several major routes. Middle East to Far East averaged 73 percent of Worldscale ($17.2 per tonne), up from 57 percent in 2024. West Africa to US Gulf Coast increased to 98 percent, and Indonesia to Far East eased to 131 percent.
#OPECASB2026

[OPEC @OPECSecretariat]

World proven crude oil reserves stood at 1,572 billion barrels (bn b) at the end of 2025, slightly higher by 7.3 bn b, y-o-y. Proven crude oil reserves in OPEC Member Countries increased by 2.19 bn to reach 1,243 bn b at the end of 2025.
#OPECASB2026

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Chevron CEO says shortages in oil supply will begin appearing

Chevron Chairman and CEO Mike Wirth said on Monday that ​physical shortages in oil supply would begin appearing around ‌the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes.

Economies will begin shrinking, first in Asia, as ​demand adjusts to reduced supply with the strait still closed ​because of the U.S.-Israeli war with Iran, Wirth said during ⁠a discussion sponsored by the Milken Institute.

"We will start to ​see physical shortages," Wirth said, noting that surplus supply in commercial markets, ​tankers in so-called shadow fleets avoiding sanctions, and national strategic reserves were being absorbed.

Asia is most heavily dependent on the Gulf's oil production ​and refineries, with Europe likely to be affected next, Wirth said.

The overall effect ​of the Hormuz closure is "potentially as big as ​in the ⁠1970s," Wirth said. Two major supply disruptions in that decade shook economies around the world, leading to fuel rationing and long lines at retail ⁠pumps. (Reuters)

[OPEC @OPECSecretariat]

World crude oil production averaged 74.85 mb/d in 2025, an increase of 2.24 mb/d, year-on-year (y-o-y). Crude oil production from OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) increased, y-o-y, by 1.22 mb/d and 0.12 mb/d respectively, while crude production from non-DoC countries rose by 0.90 mb/d.
#OPECASB2026

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

The only source of energy that has ever gone to ZERO is whale oil.

As global demand increases, so does all energy sources. We need all the inputs that we can. There is no substitution, there are only additions, as this chart clealy shows.

[OPEC @OPECSecretariat]

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

Read Press Release ➡️https://t.co/FX9u07426n

[Vito Turitto @VolStrategist]

I recently had the pleasure of being a guest for the DHABA podcast run by the great Joel Gill.

We discussed about HyperVolatility, energy and shipping volatility and why volatility intelligence is so important.
https://t.co/OYHXNBonhy

#volatility #energy #shipping

[Javier Blas @JavierBlas]

Saudi Arabia has increased its official selling price (OSP) to a record high.

The state-owned Saudi oil giant told refineries in Asian it would charge a premium of $19.5 a barrel over the regional benchmark for sales of its flagship Arab Light.

https://t.co/sheew7I4Mu

[Ethan Levins 🇺🇸 @EthanLevins2]

“Highest level since operations began”.

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Iranian Oil Prices Fetch a Premium for First Time Since 2022

The price for the nation’s main export grade swung to a premium of $1 a barrel to Brent on March 26, just days after the US temporarily rolled back some sanctions on the country’s oil, according to data from Argus Media.

That contrasts with a roughly $10-a-barrel discount in early 2026 when all of the country’s supply was under sanctions. (BBG)

[Liz Ann Sonders @LizAnnSonders]

Governments have responded to energy crisis with wide range of emergency measures aimed at shielding consumers and securing domestic supply, ranging from financial support to rationing as fuel crisis deepens; based in part on @IEA and @Reuters information, @StatistaCharts infographic shows that one of most common responses has been introduction of emergency subsidies and direct financial support

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Ship Fuel Shortages Emerging Due to Mideast War, Supplier Says

Shortages of shipping fuel are starting to emerge in Asia and West Africa as vessels seek supply outside the Middle East, according to marine fuel trader Monjasa Group.

The UAE port of Fujairah just outside the Strait of Hormuz — normally a key hub for shipping fuel — has suffered disruption from drone attacks. The uncertainty there is creating new and unexpected demand, according to Casper Borgen, general manager for Middle East and Africa at the firm.

“From the epicenter in Hormuz, we are seeing how the rings spread to Asia and West Africa, where markets are also starting to experience a shortage of products due to the increasing demand without the supply being able to keep up,” he said by email. “There is a bottleneck in one of the world’s most important energy trade lanes, and this means many new and major challenges for all suppliers.” (Bloomberg)

[Javier Blas @JavierBlas]

BREAKING: Qatar says that its Ras Laffan industrial city, home to a massive LNG plan, was hit by Iranian missiles.

"Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused."

Note the wording: "extensive damage"

[Joe Weisenthal @TheStalwart]

Iran says it's absolutely not pursuing a ceasefire https://t.co/0gfhyhnLT2

[Vito Turitto @VolStrategist]

Brent #impliedvolatility still at 120% and stochastic volatility is also very high. Despite the words of #Trump, the market is still pricing a very high #risk. Many call options and upside fences have been traded in the #Brent #optionsmarket

#OptionsTrading #Iran #volatility

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

looks like Qatar’s energy minister was correct >>

Kuwait Petroleum Declares Force Majeure on Oil Sales

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Iran oil facilities hit for the first time overnight

[BreakWave @DryBulkETF]

Supertanker Earnings Climb to the Highest Level Since 2020.
Daily costs have doubled over the last month.
#tankers #markets