“Natasha Kaneva, analyst at JPMorgan, said in a note: ‘By the end of next week we expect crude supply cuts to approach 12mn barrels per day, making the deficit highly visible across physical markets.’ ‘The market is facing an acute shortage of pr...
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...oducts — diesel, jet fuel, [liquid petroleum gas] and naphtha — that cannot be consumed simply because they are not available.’ RBC Capital Markets said it expected oil prices to exceed the $128 high hit just weeks after #Russia launched its full-scale invasion of #Ukraine in 2022 and top the 2008 record high of about $147. ‘We are revising our estimated run time for the #Iran war and the concurrent oil price impacts,’ said Helima Croft, RBC’s head of global commodities. The conflict could...
... last ‘well into the spring’, she added. While the US government is playing games in the paper market, the physical market is going to experience real shortages.