Episode 106: Iran goes on the offensive. ADNOC's great milk run keeps flowing.

June Goh hosts this week with guest Jay Maroo, as Iran hardens its military stance and Hormuz risk lingers. They cover IEA and OPEC's diverging demand calls, ADNOC's transponder-dark shuttle tankers beating the blockade, a stubbornly wide Brent-Dubai EFS, and a tightening Atlantic diesel market.

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Chapters: 

(00:42) Hormuz and Russia: sanctions escalate Two vessel attacks near Hormuz, Iran's military turns hawkish, and a Senate bill threatens 100% tariffs on Russian oil buyers.

(04:20) IEA vs OPEC: the demand gap IEA turns more bearish on demand while OPEC stays positive, a 2.2 million barrel a day gap.

(08:29) The great milk run: ADNOC beats the blockade ADNOC's dark shuttle tankers push UAE output above pre-war levels while Iraq, Kuwait and Saudi stay shut in.

(11:20) Fuel oil and crude: the tightening squeeze Singapore fuel oil stays trapped in a tightening loop, ADNOC's tender drops a grade, and WAF premiums look shaky.

(17:04) Middle distillates: refinery outages bite Refinery outages tighten Atlantic diesel further, yet Sikka's jet arb into Europe stays wide open.

(21:22) Light ends: EBOB strength spreads west Low Rhine water lifts EBOB, US Gulf gasoline exports swell, and Singapore mogas turns bullish for September.