What just happened? The 1 million barrel-a-day output cut the Saudis assigned preliminarily just for July was exacerbated by Russia also pledging export cuts of 300,000 barrels per day. More significantly, on Tuesday they announced both cuts extending through the end of the year. That’s right, the Penguin and the Riddler have combined forces and Batman and Robin […]
Read more
We hope everyone enjoyed the long holiday weekend. Labor Day has been a national holiday in the United States since 1894. To many, it may signify picnics, parades, or a day off from work. Organized by the Central Labor Union, the first Labor Day holiday was celebrated in 1882 in New York City. On that day, 10,000 […]
Read more
OPEC+ is having a belly laugher of a time, watching oil inventories decline. Last week we witnessed a 6.1 million barrel US inventory draw. That’s a big number. If OPEC+ can manage to drain inventories without a demand crunching exorbitant near term price hike, they’ll have quite a bit more leverage with their global policies next year. Being shocked […]
Read more
Last week the 10-year U.S. Treasury yield hit its highest level in over 15 years and netted its fifth straight week of gains. Since the yield curve is still inverted, there appears to be more room for the the 10-year to run, which could really make potential first-time home buyers cringe as mortgage rates climbed over […]
Read more
Showing no sign of fatigue, crude prices continued to climb last week, finishing 0.4% higher for the week at $83.19 – notching its seventh consecutive weekly gain. It’s not quite Joe Dimaggio, but that’s a pretty healthy streak. Global demand has been persistent and the pledge from OPEC+ to cut supply so far remains resolute. We’ll have to watch […]
Guess what. Summer is almost over. This could be the most expensive back-to-school shopping season ever, the National Retail Federation projects. What are you going to do if your kid has absolutely nothing to wear. Drama drama drama. Speaking of drama, inflation escalated to its highest level in decades. But, like Led Zeppelin said: You need cooling Baby I’m not […]
If you like piña coladas And gettin’ caught in the rain If you’re not into yoga If you have half a brain Indeed, it is pina colada time for the contango loving crude terminal operators and wholesale product marketers. Backwardation has once again secured the Infinity Stones and snapped contango back to dust. The Wall Street […]
The chart illustrates the relationship between jet fuel storage demand and the price of jet fuel over a specific period. It shows that just before the price of jet fuel experiences a significant decline, there is a noticeable spike in the demand for jet fuel storage. Based on The Tank Tiger’s proprietary storage demand […]
Read more
“If a tree falls in a forest and no one is around to hear it, does it make a sound?” If you were at the OPEC+ meeting last week, you probably weren’t working for Reuters, Bloomberg or the Wall Street Journal. Apparently the leaders of the cartel didn’t want anyone to know what they were discussing or […]
Read more
Date 7/18/23 In a global game of chicken on the world’s grandest stage, OPEC + has repeatedly bragged about its production cuts and collaborative stamina in its efforts to bring “price stability” to the market. On the other side, the brash Wall Street paper trading short selling energy traders said “Hold My High Noon” and scoffed […]
Read more
Tank Talk
