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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
67
2
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
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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
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Rory Johnston
76
4
The Billion Barrel Cost of a Longer Iran War
The total volume of unproduced Gulf barrels is set to rise above one billion barrels over full shock duration; lost production in April alone will…
Apr 2
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Rory Johnston
57
1
2
[FREE] From Glutted to Gutted
Are We Approaching an Unprecedented Energy Crisis? Attempts to reroute or offset Iranian-throttled oil continue to fall short.
Mar 28
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Rory Johnston
67
2
4
Context Call: March 2026
The staggering barrel math behind the Iran War and the Strait of Hormuz stoppage, an overview of market impacts, likely future trajectories of the…
Mar 27
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Rory Johnston
19
1:03:57
No End in Sight
The Trump administration continues to press its point in the Iran war and, despite some initial signs of wavering earlier this week, there are not yet…
Mar 12
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Rory Johnston
36
Strait to the Point on Iran
War has begun in the Gulf, and the oil market is staring down the mother of all tail risk scenarios.
Mar 2
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Rory Johnston
39
Making Room for Venezuela
Assessing US Gulf Coast refinery appetite for Venezuelan barrels amidst an erosion of regional heavy crude oil consumption
Feb 27
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Rory Johnston
27
Barreling Ahead: Realizing—or Denying?—The Glut
The oil market in 2025 ended up much looser than anyone expected and expectations for 2026 balances are beginning to tighten after nearly a year of…
Jan 28
•
Rory Johnston
30
2
Can Trump Really Revive Venezuela’s Oil Industry?
What Maduro’s capture and Trump’s declaration that Washington is now “in control” of the country’s vast crude resources mean for oil markets over the…
Jan 5
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Rory Johnston
25
1
Waiting for the Glut: Oil Market 2025, Wrapped
The year was defined by the emergence—and avoidance—of the oil market’s largest glut since 2020, driven by an OPEC pivot and thus far absorbed by…
Dec 31, 2025
•
Rory Johnston
39
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