Oil Narratives
Oil Narratives - Brent on the rise
Brent is back at $90/bbl again as geopolitical tensions build once again.
No fresh talks are scheduled between the US and Iran and the MOU, which was all but over already, has now officially expired.
Asian refiners (excluding China) have become keener to source AG replacement barrels from further afield as WTI, WAF and Black Sea grades look competitive.
Oil Narratives: Diesel in crunch time
Product cracks have continued to gain despite fewer disruptions to Russian refining capacity in recent weeks.
Global diesel remains the primary pain point, constrained by a lack of reliable supply outside the US and Sikka.
The timing is remarkable, with the market yet to reach agricultural and, later, heating demand seasonality. Diesel cracks have room to the upside from here.
