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09.05.26 - 00:12
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Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports (ZeroHedge)
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Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports
Yesterday when discussing China's unexpected flip-flopping on its decision to order local banks to ignore the latest US sanctions on Chinese, followed days later by a demand that they pause loans to sanctions refiners, we highlighted something remarkable: in the aftermath of the Strait of Hormuz blockade, which throttled the transit of ~10% of global oil and sent physical prices soaring to record highs (especially for Dubai crude), resulting in a windfall for European refiners thanks to soaring gasoline premiums...
... the reaction in China was a mirror image, as already razor-thin independent refiner (teapot) margins plunged to record negative.
The reason for the margin collapse was China's domestic fuel policy: it has long been Beijing's policy to soften price hikes to help shield consumers and avoid social unrest; which while beneficial to end consumers is catastrophic to refiners and proce...
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08.05.26 - 22:57
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Massive Oil Slick Spotted Off Iran′s Kharg Island, Cause Unknown (ZeroHedge)
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Massive Oil Slick Spotted Off Iran's Kharg Island, Cause Unknown
An apparent large oil spill spanning dozens of square miles of sea has been spotted off of Iran's main oil hub of Kharg Island, according to open source satellite imagery and reporting in both the NY Times and Reuters on Friday.
The reports cite images from Copernicus's Sentinel-1, Sentinel-2, and Sentinel-3 satellites taken from monitoring May 6 through 8 which show a huge grey-and-white slick extending out to the west of Kharg Island.
Image source: Soar
"The slick appears visually consistent with oil," said Leon Moreland, a researcher at the Conflict and Environment Observatory, to Reuters. He believes it to be covering an area of approximately 45 square km (or nearly 18 sq miles).
While it's unclear what may have caused it, or the extent of possible damage to Kharg Island infrastructure or possibly docked tankers, the island has been attacked by US aerial forces in the recent post.
One regional source provid...
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08.05.26 - 19:27
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"Damage Done Already" - Oil May Take Year To Normalize: Adam Parker (ZeroHedge)
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"Damage Done Already" - Oil May Take Year To Normalize: Adam Parker
Last night's ZeroHedge debate featured the cautiously bullish Adam Parker, former Morgan Stanley chief equity strategist who now runs Trivariate, and bearish money manager Michael Pento, hosted by Adam Taggart of Thoughtful Money.
While Parker is largely optimistic about equities, he put forth a gloomy prediction on gas prices, based on what he is hearing as a consensus on Wall Street. Namely that prices will remain high for at least a year even if Hormuz were to open today.
His full comments below and highlights from last night's debate. Check out the full discussion to hear how both Pento and Parker are positioned going into year-end:
Best case: More pain at the pump
Parker warned that oil markets may remain structurally elevated even if the Strait of Hormuz reopens immediately, arguing that current pricing still underestimates how long normalization could take.
“The consensus view is it takes much longer to no...
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08.05.26 - 17:18
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Ölpreis gestiegen - Spannungen im Nahen Osten nehmen zu (DPA-AFX)
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NEW YORK/LONDON (dpa-AFX) - Der Ölpreis hat am Freitag angesichts der Verschärfung der Lage im Nahen Osten zugelegt. Ein Barrel (159 Liter) der Nordseesorte Brent zur Lieferung im Juli stieg um 1,32 Prozent auf 101,35 US-Dollar.Das US-Militär ......
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