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Overview
The petroleum market remained in a Hormuz-driven supply deficit in June, though the combination of a short-lived recovery in Gulf production and China’s ongoing buyers’ strike slacked the market considerably from previously-sharp crisis levels. Onshore petroleum inventories continued to collapse despite the rerouting and alternative-exporter driven surge in oil on water readings.
Brent crude prices remain in the mid-$90s and prompt backwardation continues to indicate steady supply deficits; contracts swooned through early August as the latest bout of US-Iran diplomatic optimism crested, before rallying again as conflict resharpened and the market began to adapt to the idea of an even longer and more protracted smouldering war in the Gulf.