Hormuz Disruption Drains Oil Buffers as U.S. Exports Hit Record
The Strait of Hormuz disruption is eroding the buffers that have so far prevented a sharper hit to oil demand. Wealthier economies have been drawing on stockpiles and paying higher prices to secure supply, but traders say consumption will need to fall if the waterway doesn’t reopen, with supply already down at least 10%. Goldman Sachs analysts said crude inventories are on track to reach record lows even if the strait fully reopens by the end of April, while Gunvor Group estimates lost supply could reach 5 million barrels a day next month, or 5% of global supplies, versus about 4 million barrels a day now.
The shock is also rerouting energy flows toward the U.S. and other alternative suppliers. U.S. exports of crude and petroleum products rose to a record nearly 12.9 million barrels a day last week, according to EIA data, while the Financial Times reported that European and Asian buyers are driving a surge in U.S. crude and LNG purchases and that empty tankers heading to U.S. ports are at an all-time high. Europe is also increasingly sourcing jet fuel from Nigeria’s Dangote refinery to offset lost Middle Eastern supply.
From the sources (25 posts)
@trenttelenkoRT @disclosetv: NEW - U.S. crude oil and LNG exports surge as European and Asian buyers secure supplies lost from the Gulf, with the number…
@mercoglianosRT @disclosetv: NEW - U.S. crude oil and LNG exports surge as European and Asian buyers secure supplies lost from the Gulf, with the number…
@johnkonradRT @disclosetv: NEW - U.S. crude oil and LNG exports surge as European and Asian buyers secure supplies lost from the Gulf, with the number…
@trenttelenkoRT @FreightAlley: “The U.S. operates differently, using abundant natural gas instead of oil, which allows it to sidestep the disruption. Th…
@mercoglianosRT @MarioNawfal: 🇺🇸 The Iran war is handing America a level of energy dominance it couldn't have achieved any other way. U.S. crude export…
@kobeissiletterInvestors are cashing-in massive profits from the oil trade: The United States Oil ETF, $USO, has posted -$900 million in outflows so far in April, on track for its largest monthly withdrawal since the 2009 record of -$1.2 billion. Still,
@briansozziRT @KobeissiLetter: Investors are cashing-in massive profits from the oil trade: The United States Oil ETF, $USO, has posted -$900 million…
@polymarketJUST IN: S&P Global Vice Chairman warns that the Strait of Hormuz crisis is “the biggest energy disruption we’ve ever seen”
@hfi_research“If the Strait of Hormuz opens after April, we cannot provide an accurate oil price forecast. We will have crossed too deep into the Rubicon. This will have been the largest oil supply outage in the history of the oil market by a magnitude
@lisaabramowicz1The world’s oil buffers are rapidly being depleted, with crude inventories poised to reach the lowest levels on record even if the Strait of Hormuz reopens in full by the end of this month: GS’s Daan Struyven & team
@staunovo“Because there is still no visible disaster” in the west, “people think everything is okay, and a bit higher pump prices are the only impact,” said Cuneyt Kazokoglu, FGE’s director of energy transition. But demand destruction “will come and
@staunovoRT @HFI_Research: “If the Strait of Hormuz opens after April, we cannot provide an accurate oil price forecast. We will have crossed too de…
@oilheadlinenewsThe longer the vital oil channel doesn’t reopen, traders say, the more consumption is going to have to recalibrate lower to align with supply that’s dropped at least 10%. And for that to happen, people will have buy less, either through pri
@staunovoTrading giant Gunvor Group estimates the loss could double next month to 5 million barrels a day, or 5% of world supplies, and along with other major traders sees a growing risk of economic recession. Other analysts and traders say that the
@oilheadlinenewsThe Strait of Hormuz oil shock has yet to crash demand as the rich world borrows from its stocks and pays up to secure supply. Traders are now sounding the alarm that a harsh adjustment is coming - Bloomberg
@staunovoThe Strait of Hormuz oil shock has yet to crash demand as the rich world borrows from its stocks and pays up to secure supply. Traders are now sounding the alarm that a harsh adjustment is coming. The longer the vital oil channel doesn’t r
@staunovo“Demand destruction is happening in places that are not visible pricing centers,” Saad Rahim, chief economist of trader Trafigura Group, told the FT Commodities Global Summit in Lausanne this week. “That adjustment is already happening, but
@oilheadlinenewsGULF OIL OUTPUT COLLAPSES ~57% AMID IRAN WAR DISRUPTION PRODUCTION DOWN ~14.5M BPD; SAUDI, IRAQ, UAE, IRAN HIT HARDEST GOLDMAN: HORMUZ REOPENING MAY TAKE MONTHS TO RESTORE SUPPLY
@oilheadlinenewsEni says market underestimating Iran war's impact on energy prices
@hfi_researchRT @staunovo: “Because there is still no visible disaster” in the west, “people think everything is okay, and a bit higher pump prices are…
@hfi_researchB.A.C.D Big Ass Crude Draw Sharpen those pencils, we are about to break some records for onshore draws.
@rory_johnstonToday marks the start of the 9th week of the Iran War and the closure of the Strait of Hormuz.
@staunovoRT @Rory_Johnston: Today marks the start of the 9th week of the Iran War and the closure of the Strait of Hormuz.
@lisaabramowicz1U.S. exports of crude and petroleum products rose to a record last week, nearly 12.9 million barrels a day: US EIA. The U.S. this month nearly flipped to a net exporter of crude for the first time in weekly government data going back to 200
@oilheadlinenewsU.S. crude oil and LNG exports surge as European and Asian buyers secure supplies lost from the Gulf, with the number of empty tankers bound for the U.S. to fill up with crude oil, refined fuels and other petroleum products at an all-time h