By Paul Sankey
Published on June 7, 2026 at 6:37 PM
So there it is, 100 Days of Hormuz. Homework this week is easy, just a few words on Bunker Markets. Globally refiners are straining to meet max clean product needs (JetFuel, Distillate, Mogas), and it is marginal products that are heading towards physical shortages in June, such as US base oils (the Pennzoil for your AC Cobra, there are already shortages as we have covered), and Bunker fuel for ships, a marginal product dominated by …
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By Paul Sankey
Published on May 31, 2026 at 7:05 PM
Amazing to watch May 2026 pass so fast, and Hormuz still all-but shut. Everybody points to June as the month in which things turn ugly in terms of tank bottoms, and price going exponentially higher seeking to destroy demand. But bottom line, prices are lower, and everyone is still merrily flying around. In this note we re-visit our JetFuel thesis – as we witness record flights, what’s the problem? We conclude that the key answer …
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By Paul Sankey
Published on May 3, 2026 at 4:02 PM
Greetings, Refiners are running at max capacity, and oil prices are finding a Hormuz blockage hierarchy. Excess profits are accruing to oil producers, US refiners, and shipping companies. Front page of USA Today, Daily Mail, nothing on Hormuz. I scrolled all the way down on the NY Post – not one story on Hormuz today. While the oil analysts get frantic, the NASDAQ hit a record high, and the President’s most important advisor, Mr Market, …
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