Oil Matters Episode 61: Anchors & Off-Ramps
One month into the Hormuz crisis, David reviews the oil market state-of-play. He notes Brent forward prices disconnecting from last year's $65 anchor, with a prospect for further increases all along the curve if Straits of Hormuz navigation is not soon restored. More strategic stock releases might materialise, though ultimately, demand destruction is the only way markets rebalance if supply disruption persists.
He explores:
- Geopolitical tensions and the closure of the Strait of Hormuz disrupting up to 18 mb/d of crude and refined product flows.
- Sharp physical market strength: Brent and Dubai premiums, extreme product cracks, and airlines cutting flights amid jet fuel shortages.
- Broader economic risks, including inflation, monetary tightening, demand destruction, and the possibility of recession if disruption persists
For deeper market intelligence and forward-looking analysis, don’t miss this week’s editions of Argus Global Markets and Petroleum Argus
Anchors & Off-Ramps
David Fyfe, Argus Chief Economist, David reviews the oil market state-of-play of one month into the Hormuz crisis
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