Podcast: Risk-off and short-term solvers, but it won’t last.
Neil Crosby and June Goh cut through the noise on US-Iran deal speculation, unpacking why flat price is off, what 7 million bpd of Chinese crude imports means for diesel east-west dynamics, and why Sing FOGO holds up when bunker demand proves more inelastic than diesel.
- China’s May crude imports could be as low as 7 million bpd. That’s 5 million bpd freed up for the rest of Asia, and nobody saw it coming
- US commercial inventory draws are accelerating, yet the arb hasn’t closed. TI-Brent still has room
- Bullish bias on RBOB spreads and Sing 92 EW
- Diesel E/W dynamic changed by China freeing up crude for rest-Asia
- Sing FOGO strengthens as bunker demand more inelastic than diesel
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