Neil Crosby, June Goh and Abhishek Kumar unpack Brent's shock flip into contango as Hormuz reopens and AG crude floods back. Dubai swaps at minus one, the "Asian crude buffet," a potential Russian diesel ban, and why jet looks weaker than diesel into summer.

Chapters: 

(01:23) Brent flips to contango: the crude sell-off

Brent and Dubai flip into contango as Hormuz reopens. Traders extrapolate supply forward, but is it fair value?

(09:15) The Asian crude buffet

Dubai swaps at minus one, Murban dives $10, Iranian waiver lands. Why nobody wants the risk yet.

(16:57) OPEC, UAE and refinery runs

UAE back to max, China independents at a nine-year low. How fast does AG supply return?

(20:40) Distillates and the Russian diesel ban

Diesel off panic pricing but not loose. Abhishek leans bearish jet and HOGO as flows normalize.

(30:13) Gasoline and naphtha

Houston still tightest globally, but US peak tightness looks behind us. Weak naphtha caps any gasoline upside.

 

 

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