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Diesel Danger Zone
Wars have hobbled many of the world’s largest diesel exporters, pushing the price of the industrial workhorse fuel into the stratosphere in search of…
Oct 1
•
Rory Johnston
44
1
The Beijing Swing, Part 2: Refined Products
Apparent Chinese petroleum product demand fell far more sharply than any activity decline in end-use sectors, with inventories likely buttressing…
Sep 14
•
Rory Johnston
41
3
[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
60
10
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
57
7
4
Context Call: July 2026 (Video)
Post-MOU status of shipping flows through the Strait of Hormuz, the ongoing depression in China’s crude import appetite, and the emergence of the…
Jul 9
•
Rory Johnston
14
1
1:12:42
[FREE] Is Big Oil ‘Price Gouging’?
Reduced global refinery capacity, not corporate greed, is keeping pump prices high.
Jul 9
•
Rory Johnston
30
1
4
Getting Our Bearings Strait
Assessing the pace and sustainability of the faster-than-expected post-MOU recovery in oil flows—both ways—through the Strait of Hormuz and the…
Jul 2
•
Rory Johnston
38
5
2
Context Call: June 2026 (Video)
Updates to our tracking of transits through the Strait of Hormuz, the critical role of China in counterbalancing the loss of Middle Eastern exports, and…
Jun 4
•
Rory Johnston
21
4
1:13:48
[FREE] A Beginner’s Guide to Reopening the Strait
Even if the Iran war ended today, rebuilding the Middle East’s energy shipping and production capacity could take months or even years.
Jun 4
•
Rory Johnston
48
1
Chinese Demand Destruction or Strategic Supply?
Despite a ~40% collapse in Chinese crude imports, data point to massive Chinese market support in the form of heavy SPR releases (both crude and refined…
May 21
•
Rory Johnston
92
3
8
Context Call: May 2026 (Video)
Understanding the Sanguine Strait Stoppage after more than 2 months with Hormuz closed and more than a billion barrels guaranteed already lost.
May 6
•
Rory Johnston
25
1
1:19:51
Sanguine Strait Stoppage
Making sense of relatively low crude prices through nearly two months of the largest oil supply shock in history
Apr 23
•
Rory Johnston
76
4
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