John Plesnicar

Publisher @LNGGlobal | LNG • Energy • Trade • Geopolitics • Economics • Sales • Marketing • Business Development

[John Plesnicar @johnplesnicar]

"..increased LNG flows from other markets, led by the United States and also Canada, have offset around 70% of the lost supply via the Strait of Hormuz.."

[International Energy Agency @IEA]

New statement from our Executive Director: https://t.co/gLStMIZ6ml

We are closely monitoring oil markets amid the ongoing Middle East war

The recent escalation in hostilities increases security of supply concerns, but crude markets continue to benefit from cushioning factors

[Javier Blas @JavierBlas]

For the third day in a row, Kuwait says that Iran attacked one of its water desalination and power plants. Kuwait says a “large number” of units were impacted.

[Javier Blas @JavierBlas]

BREAKING: Kuwait state-owned company says “one of the vital sites in the oil sector” was attacked by Iran, resulting in “significant material losses.”

[John Kemp @JKempEnergy]

GLOBAL REFINING margins are nearing record highs following the breakdown of the ceasefire between the United States and Iran, and Ukraine’s attacks on Russia’s oil refineries. In the United States, the crack spread for turning three barrels of WTI crude into two barrels of gasoline and one barrel of diesel has averaged $61 per barrel so far in July. After adjusting for inflation, the benchmark 3-2-1 crack is the second-highest on record after $64 in June 2022, shortly after Russia’s full-scale invasion of Ukraine and the imposition of sanctions by the United States and Europe in response:

[Stephen Stapczynski @SStapczynski]

LNG traffic through the Strait of Hormuz has ground to a halt (as expected) 🚢🚢🚢

Not seeing any ships attempting inbound or outbound transit after the Qatari LNG tanker was struck on Tuesday

[Stephen Stapczynski @SStapczynski]

A Qatari LNG tanker was struck while exiting the Strait of Hormuz 🇶🇦🚨

🚢 The laden ship (Al Rekayyat) was traversing the Omani route when it was hit by a projectile. The tanker was dark at the time
⚠️ This threatens Qatar's plans to rapidly revive LNG exports from Ras Laffan

[John Plesnicar @johnplesnicar]

“We will definitely have special considerations for China, because China is a friendly country,” Fazli said Saturday at the World Peace Forum in Beijing... https://t.co/8vrq7G1qF2

[John Kemp @JKempEnergy]

Bearish Oil Positions Risk Reversal

Investors have become extremely bearish about the outlook for crude oil prices as the re-opening of the Strait of Hormuz has pushed the spot market into a temporary surplus.

Hedge funds and other money managers sold the equivalent of another 35 million barrels in the main ICE Brent futures and options contract over the seven days ending on June 30.

Funds have sold Brent in twelve of the last thirteen weeks, reducing their position by a total of 374 million barrels since March 31 ...

[John Kemp @JKempEnergy]

BRENT’s six-month calendar spread has slumped into a small contango for the first time since October 2025 and before that December 2023. The surge of oil exported through the re-opened Strait of Hormuz has created a temporary oversupply in the spot market. The six-month spread is currently trading in a contango of around 18 cents per barrel down from a backwardation of as much as $37 at the end of March when the fighting between the United States and Iran was at its most intense:

[John Plesnicar @johnplesnicar]

Russia to import seaborne jet fuel from Japan https://t.co/r0JfHYzLlx

[John Plesnicar @johnplesnicar]

California is raising its state per-gallon gas tax by a little over 2 cents, bringing the total to just over 63 cents per gallon effective July 1. https://t.co/pMmKDE2eAB

[John Plesnicar @johnplesnicar]

"Dozens more Chinese automakers have launched or plan ​to launch in Europe soon."

[Reuters @Reuters]

Volkswagen is considering shutting four German factories and ramping up job cuts to as many ‌as 100,000, two people familiar with the matter said, in what could be the biggest overhaul in the carmaker's history https://t.co/DXsi8tjMib

[John Plesnicar @johnplesnicar]

Chevron signs 20-year power agreement with Microsoft for West Texas data center https://t.co/w3Dg9sBCbw

[Ministry of Interior - Qatar @MOI_QatarEn]

An internal explosion occurred at a factory in Ras Laffan Industrial City due to a technical incident. Civil Defence teams are handling the incident, with no injuries or leaks reported that may pose a threat to public safety.
#moiqatar

[John Plesnicar @johnplesnicar]

The leaders who took part in the meeting in Kazan agreed to further expand “strategic partnership” between Russia and ASEAN nations that include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, East Timor and Vietnam. https://t.co/qi8wHQeiYL

[Jared West @jared_western]

Western Chemicals is looking for an elite Mechanical Engineer RIGHT NOW!! Help us make the world’s cheapest fuels & chemicals right here in the USA!

[John Plesnicar @johnplesnicar]

“We’re moving toward having zero Hormuz dependency and that’s regardless of whether it’s open or not,” the UAE’s Minister of Foreign Trade Thani Al Zeyoudi said in an interview. “It’s going to open and we hope that will happen quickly, but we will not stop the new plan.” https://t.co/vaDZu6lTRu

[John Plesnicar @johnplesnicar]

“We never stopped working on the project, even while the war was ongoing. There ​were some limitations, but the work did not stop,” McDermott expects to deliver QatarEnergy expansion project on time, post-conflict, says CEO https://t.co/zFQd1mWNgl

[John Plesnicar @johnplesnicar]

"..Qatar approached Tehran at the start of the war to present a mutually beneficial arrangement: Iran would refrain from hitting Ras Laffan, and Qatar would halt gas production unilaterally — a move that would send energy prices soaring and put economic pressure on the United States and Israel to shorten the war." https://t.co/HJhI9laJH3

[John Plesnicar @johnplesnicar]

"..using Kpler shipping data, EU imports of Yamal LNG reached 8.37 million tonnes during the first five months of 2026, up 17.9% from the same period last year."

[High North News @HighNorthNews]

EU’s latest sanctions proposal target Russia’s LNG shipping network and ban gas tanker sales to Russian interests. But the move comes amidst EU imports of Russian Arctic LNG continuing to rise

@vonderleyen @EU_Commission #LNG #sanctions #russia #arctic
https://t.co/89NeeMQvmD