Jorge Molinero hosts June Goh and Michael Ryan as Iran’s tanker attacks escalate ahead of US elections. They cover Basra discounts, Aramco term talks, China’s product export quotas, and whether the TD3C sell-off is overdone.
Chapters:
(01:52) Hormuz, sanctions and US politics: Iran’s attacks are rising and changing shape, and Washington may hold off until November 3.
(11:23) Crude: Aramco term talks and Gulf discounts: Stalled term talks and steep spot discounts show the Gulf barrel is moving at a cost.
(16:25) Refining margins and China export quotas: Asian margins flipped positive on weaker Gulf diffs and freight, with China quotas supporting light products.
(24:15) Freight: TD7 and TC14 turn: Forties strength pulled Afromaxes out of the Atlantic, and TC14 charterers stepped in to set a near-term bottom.
(26:36) Gasoline, Singapore 92 and NAFTA: Gasoline stays soft, but naphtha stays firm as TC5 keeps rallying and LR1 tonnage stays tight.
(36:03) LPG: US stocks and the butane premium: US propane stocks sit near record highs, but butane is tightening as blenders keep barrels inland.
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