Rory Johnston
@Rory_Johnston
oil market researcher | founder of | former bank economist | markets, code, barbecue | subscribe to my research:
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Anyone who claims that China didn't play a special role in offsetting the Hormuz supply loss is either not paying attention or is servicing a prior.
Crude futures aren't telling the full story.
See Dubai physical swaps (white, balance of the month) vs Brent prompt futures (blue) below.
Normally they're pretty close, but right now there's a MAD bid for physical crude in the region—$100/bbl futs, $140/bbl physical barrels.
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