Everyone is bidding against each other for the physical oil that is still available.
The cost of shipping 2 million barrels from West Africa to China is going vertical.
Yesterday alone, it jumped 17.6% to $27.22 per barrel.
"Oil now flowing through the Strait of Hormuz at TWICE the prewar levels. Saudi Arabia started burning their oil to export it in the gaseous form."
- TankerTrackers
Hate to break it to Washington and the oil shorts, Vitol clearly refused to let the screen bleed today.
They stepped up and bid across the entire BFOETM basket, sending prompt Dated Brent physical diffs ripping into orbit for the second straight day.
Huge round of applause to our European geniuses for incinerating 100mb of SPR just to shave a measly single dollar off brent flat price.
#oott
FYI a friend of mine working for a HF told me every Wall Street house is flooding the buy side with bearish reports on crude oil and recommending to short
anyone with above room temperature IQ knows they are lying
-the strait is closed
-oil is not flowing
-inflation is not 3%
-the bond market is not okay
-gas prices will not go down to $2
-the war will not end after the midterms
U.S. PRESSURES FRANCE AND GERMANY TO RELEASE DIESEL RESERVES
The Trump administration has told France and Germany to draw down emergency diesel stocks to help lower global fuel prices, Reuters reports.
If they refuse, Washington is threatening a potential U.S. diesel export ban, according to sources familiar with the discussions.