Felipe Elink Schuurman, Neil Crosby and Jay Maroo on the collapsed Iran ceasefire, Brent's jump from 72 to 85, and the market fatigue no one's pricing. Diesel cracks and gasoline spreads hit records while crude stays quiet, with the Russian diesel ban now double the Hormuz problem.
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Chapters
(01:41) The ceasefire is dead, and the market is tired
MOU collapse, escalation back, Brent at 85, but fatigue means no one wants to price the risk.
(12:16) Diesel: the Russian ban that dwarfs Hormuz
Russian diesel exports near 1m bpd gone, cracks and spreads bullish, Hogo the solver into Europe.
(21:52) Crude: enough for now, bullish later
Asians scramble for WTI and SPR barrels, Europe long crude, WTI-Brent widens, Brent bullish eventually.
(29:49) Gasoline: cracks at ten-year highs
Spreads and cracks at records, New York arbs shut for August, Singapore spreads the trade to watch.
