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Oil Context Weekly (W34)
Crude prices continued to climb amidst diminished US-Iran diplomatic hopes, while sustained diesel crack spreads hit all-time highs as US distillate…
Aug 21
•
Rory Johnston
37
1
Global Oil Data Deck (August 2026)
Supply deficits eased modestly in June as a bounceback in Middle Eastern supplies ran into still-weaker Chinese buying; visible stockpiles rose as oil…
Aug 21
•
Rory Johnston
35
Oil Context Weekly (W33)
Crude prices rise on fading hopes of Hormuz management deal and as both sides hunker down for an even longer showdown amidst more shipping attacks and a…
Aug 14
•
Rory Johnston
38
[PUBLIC] How China Saved the Global Oil Market
Beijing’s move to cut crude imports softened the blow of the Iran war, but its motives remain a mystery.
Aug 13
•
Rory Johnston
55
9
OPEC+ Data Deck (August 2026)
Middle East Gulf production rose further in July on the back of post-MOU loading recovery, but exiting oil flow has rolled over and inbound ballast…
Aug 12
•
Rory Johnston
32
North American Oil Data Deck (August 2026)
Continental petroleum production pulled back in May due to heavy seasonal maintenance rather than a derailing of trend growth, while road fuel demand…
Aug 10
•
Rory Johnston
32
1
Oil Context Weekly (W32)
Crude prices fell back as Trump abandoned threatened Iran strikes and on renewed (though thus far unrealized) deal optimism; Hormuz flow inched higher…
Aug 7
•
Rory Johnston
37
2
The Beijing Swing, Part 1: Crude Oil
The unprecedented pullback in Chinese crude oil imports was the largest unexpected oil market swing to counterbalance history’s greatest supply shock in…
Aug 5
•
Rory Johnston
55
7
4
July 2026
Oil Context Weekly (W31)
Crude markets eased amidst a tentative pause in US-Iran fighting before tightening anew as strikes reignited and spread to critical Saudi oil facilities…
Jul 31
•
Rory Johnston
40
4
Oil Context Weekly (W30)
Crude prices continue to spiral upward, temporarily breaking back above $100/bbl as the Iran War escalated and the Houthis more directly joined the…
Jul 24
•
Rory Johnston
41
3
Global Oil Data Deck (July 2026)
Oil balances tightened and stockpiles continued to plunge, driven, above all, by the rapid drawdown of strategic stocks that have partially shielded…
Jul 23
•
Rory Johnston
33
4
Oil Context Weekly (W29)
Hormuz flows and Gulf loadings have definitively rolled over amidst mounting attacks while the oil complex rerated sharply higher across flat crude…
Jul 17
•
Rory Johnston
41
6
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