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August 2026

Oil Context Weekly (W35)
Crude markets ease back as ECONOMIC D-DAY disappoints and Hormuz transits continue to grind higher, while road fuel scarcity worsens and Washington goes…
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
[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.
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
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