Oil crossed $100 and the contango just inverted hard.
September barrels trading $11 over December. That only happens when someone needs oil NOW and isn't sure it'll show up later.
Jet fuel in Rotterdam hit ~$158/barrel. Diesel ~$148. US diesel and heating oil just printed all-time highs.
Then overnight sessions — usually dead quiet — ran daytime volume as Brent punched through $100.
Hormuz traffic collapsed from 125+ ships/day to 4-8. Saudis rerouting around their own backup route.
Empty tanks don't care about headlines. Math runs out by September.
September barrels trading $11 over December. That only happens when someone needs oil NOW and isn't sure it'll show up later.
Jet fuel in Rotterdam hit ~$158/barrel. Diesel ~$148. US diesel and heating oil just printed all-time highs.
Then overnight sessions — usually dead quiet — ran daytime volume as Brent punched through $100.
Hormuz traffic collapsed from 125+ ships/day to 4-8. Saudis rerouting around their own backup route.
Empty tanks don't care about headlines. Math runs out by September.