Felipe Elink Schuurman is joined by James Noel-Beswick and Michael Ryan as Trump threatens Oman and squeezes Iran's UAE-run cash flows. Russian refinery strikes cut runs to a 24-year low, driving diesel cracks past $100 a barrel, while European freight rates collapse to six-month lows.

Chapters:

(01:28) Hormuz standoff and Trump's threats to Oman Trump threatens crushing sanctions and to bomb Oman as Iran's crude flows keep diversifying away from the strait.

(07:27) Crude freight: Suezmax and VLCC rates skyrocket Suezmax and VLCC rates surge as owners chase Red Sea and India demand, squeezing Atlantic tonnage.

(09:12) Russia's refinery crisis and diesel's record breakout Drone strikes cut Russian runs to a 24-year low as diesel cracks and spreads hit record highs.

(14:02) Diesel flows: Latin America pulls barrels, Europe freight collapses US diesel barrels head to Brazil replacing lost Russian supply, while European MR freight hits six-month lows.

(24:02) Gasoline and naphtha: all-time highs meet a pause TAA arb collapses and TC2 freight halves as gasoline touches record cracks and naphtha arbs stay shut.

(31:02) Macro: dollar weakness fuels the commodity hedge trade A six-month dollar low points to macro funds buying commodities as an inflation and currency hedge.

 

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