Mediocre 5Y Auction Tails As Foreign Demand Slides

These Are The Top Trade Partners Of Every European Country Germany sits at the center of Europe’s trade network, but it is not the only global force shaping the continent’s economy. This map, via Visual Capitalist's Gabriel Cohen, highlights the top trading partner of each European country based on International Monetary Fund data for Q1-Q3 2025. Europe’s nearly $30 trillion economy is diverse and spans sectors such as energy, manufacturing, and agriculture, yet nearly half of all European countries rely on the same major trading partner for their imports and exports. Germany: The Center of Europe Germany is...

Chinese Refining Rates Unexpectedly Plunge To All-Time Lows As Economy Falls Off A Cliff Two weeks ago, when discussing the market "mystery" of sliding physical crude oil prices, we said that the most likely culprit were Chinese refiners, whose refining margins had just collapsed to the most negative on record. 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 processors...

Iran Already Scrambling For Oil Storage After Two Weeks Of US Blockade Trump's blockade is having a predictable effect on Iran's economy and oil industry, with reports that the regime is scrambling to repurpose old and rusty tankers as floating storage.  Kharg Island is hitting capacity and the results could lead to disaster for Iran's oil wells.  The regime is reportedly moving to expand crude storage at the island, where around 90% of their energy exports are processed, by reactivating a 30-year-old crude carrier called M/T Nasha.  It's a bad sign...