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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…
 • Rory Johnston
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.
 • Rory Johnston
Making Room for Venezuela
Assessing US Gulf Coast refinery appetite for Venezuelan barrels amidst an erosion of regional heavy crude oil consumption
 • Rory Johnston
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
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