Are oil markets at another inflexion point? Crude and products prices retreated from their immediate conflict highs, because IEA member stock releases and lower purchasing by China reduced some of the pressure on prompt supply. But the strait of Hormuz crisis has left markets in a state of extraordinary deficit — and, when inventories run dry or when China can cut demand no further, prices may lurch higher again.
Strait is the gate & summit is the way
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