Podcast: Peace deal merry-go-round continues.
Felipe Elink Schuurman hosts Neil Crosby and first-time guest Jay Maroo. The episode covers the stalled US-Iran peace process, Hormuz transit at 10% of pre-crisis levels, Indian and Chinese product exports collapsing, Cushing approaching its 20 million barrel floor, and why crude, distillates, and gasoline all look too cheap.
Key Takeaways:
- Hormuz at 10% of pre-crisis flows. Greek owners parking ships outside as a call option on reopening.
- TI/Brent narrowed from -$10 to -$4. Cushing at 22 million barrels; the floor is 20.
- ARA gasoline now the cheapest supply into LatAm and Australia. Chinese product exports miss again.
- ICE GO cracks back at seasonal highs. PADD-1 critically low; HOGO still worth being long.
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