Houthi attacks on Saudi vessels loading at Yanbu leave seven million barrels of crude searching for a route. Felipe Elink Schuurman, James Noel-Beswick and Jay Maroo on Suezmax freight, why diesel still looks undervalued, and the crude spreads with room to run.
(01:11) Risk stacks up: Houthis, Yanbu and CPC — Attacks on Saudi vessels at Yanbu and 1.5m b/d of Kazakh crude offline stack the risk higher.
(03:48) Seven million barrels with nowhere to go — Yanbu crude needs a new route north via Suez or around the Cape. Costlier, slower, tighter.
(08:44) Diesel's worst-case setup is building — Jody confirms weak EU demand; diesel still looks undervalued with Russia, Mideast and Yanbu supply all at risk.
(19:01) Singapore rips, Europe waits — Singapore spreads break every moving average; Gulf Coast dominates as Europe eyes September arbs.
(23:34) The bull case for Brent spreads — Brent Dubai and CPC keep the long alive, but the cleaner trade sits in freight.
(27:27) Freight: the trade with conviction — Suezmax TD20 and TD3C as Yanbu and Houthi inefficiencies ripple through shipping.
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