Commodity Context

Commodity Context

Home
Oil Context Weekly
Data Decks
Thematic Research
About

Thematic Research

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…
 • Rory Johnston
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…
 • Rory Johnston
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…
 • Rory Johnston
Oil’s Off-Balance-Sheet Glut
Global petroleum stocks in 2025 have risen at their fastest pace since 2020, but the product mix, geography, and stage many of these barrels occupy in…
 • Rory Johnston
[PUBLIC] Rethinking the Role of the Strategic Petroleum Reserve
Repost of our second contribution to Dispatch Energy on how the US can and should leverage the SPR more strategically in this era of American energy…
 • Rory Johnston
Canada’s Zombie Pipeline
Like a zombie, Keystone XL just won’t die; the pipeline is simply too symbolically important to ‘rest in peace’, but even in theory it’s a mixed bag for…
 • Rory Johnston
[FREE] The Coming Oil Glut
Repost of a new public report series we are contributing to the Dispatch Energy.
 • Rory Johnston
Beijing’s Long-Term Oil Problem
Perceptions of China’s structural foreign fuel dependence are driving both the oil market’s biggest support (SPR buying) and heaviest drag (from…
 • Rory Johnston
Why Aren’t Oil Prices Weaker?
Chinese counter-economic stock-building and sanctions-related seaborne logistical woes are absorbing the arrival of surplus supply—at least for now.
 • Rory Johnston
Canadian Barrel Goes [Further] Global
TMX has shifted Canadian crude flows west, entrenched China as Canada’s second-largest crude export market, and rerouted flows away from recent growth…
 • Rory Johnston
Producing Canadian Supply
How barrels produced in Canada are blended and transformed into the hydrocarbon supply mix that actually hits the North American oil market.
 • Rory Johnston
OPEC Operation Tabula Rasa
The producer group is now set to wind up its latest and largest production cut tranche as soon as September—but there will still be ~3.6 MMbpd of…
 • Rory Johnston
© 2026 Commodity Context Corp. · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture