Podcast: Saudi’s pipeline is down. Every barrel funnels back through Hormuz.

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Saudi's pipeline is down. Every barrel funnels back through Hormuz.

Published17 SEP 26 - 16:18 Duration 33 mins 41 secs

Felipe Elink-Schuurman, Jay Maroo, Aaron Kildow and James Noel-Beswick break down the Petroline pipeline strike forcing Saudi crude back through Hormuz, freight rates hitting record highs, and diesel cracks near $100/bbl. The real constraint now is products, not crude, with no clear sign of demand destruction.

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Key takeaways:

▸ Rastanura to Ningbo freight just hit $1 million a day.▸ The diesel crack is now at its highest level in over a decade.▸ Iraq and ADNOC are rerouting crude around the chaos.▸ Due to demand for secondary units and extra freight tonne miles, fuel oil pricing is bullish also.

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