🇺🇸🇮🇷 A barrel of oil delivered today costs $131 while the screen says $105, and the White House is weighing a diesel export ban that could push diesel to $300
Twelve million barrels a day are moving through Hormuz again, sixty percent of the old flow, and prices haven't budged.
Rory Johnston explains the gap with one number.
Futures for Brent sit near $105, but a physical barrel delivered this week closed at $131, a $25 premium for oil right now.
That is what scarcity looks like on a screen. Diesel is worse.
Refiners' margins are five times normal, Russia's exports are gone, and America is shipping out 1.5 million barrels a day to fill the hole while its own stocks sink.
Which is why the talk in Washington has turned to banning those exports.
It would drop pump prices in weeks. It would also do this:
"the global diesel market would just break"
Three hundred dollar diesel, refiners cutting runs, and a world running on fumes to buy one calm month at home.
@Rory_Johnston
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