Daily Oil Fundamentals

Leave Us Alone Please, it's Friday

31 Jul 2026

Leave Us Alone Please, it's Friday

Oil prices and those that set them remain remarkably unhurried or unharried in reaching for their bullish buttons despite some potentially supply-constricting news. There remains a virtual standstill in vessels passing through Hormuz, well at least those that can be tracked, and the Caspian Pipeline Consortium reported it has again suspended operations after what it called additional “terrorist attacks” which came just days after operations resumed.

Daily Oil Fundamentals

When Dialogue Fails, Sabres are Rattled

30 Jul 2026

When Dialogue Fails, Sabres are Rattled

Securing a reliable supply of oil must be becoming increasingly cumbersome, an inevitable consequence of the ongoing conflict in the Middle East. Although ships are still passing through the critical Red Sea waterway, the Bab el-Mandeb Strait, their numbers are considerably lower than before the Houthis' naval blockade last week.

Daily Oil Fundamentals

To Flow or not to Flow

29 Jul 2026

To Flow or not to Flow

Our market remains in a state of confusion. We discuss below the possible reasons for the unprecedented divergence between crude oil and refined products, a chasm that widened significantly yesterday. The Heat/WTI differential reached a fresh record high of $95/bbl, as WTI fell by well over $3/bbl (Brent's decline was even steeper), while Heating Oil gained the equivalent of $1.65/bbl. The same trend can be observed in the RBOB crack, which settled above $61/bbl, also a record high.

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Daily Oil Fundamentals