A Backwards History of Money

China's Refiners Slash Runs To Lowest Since 2017, As Asia Refiners Slow Purchases Of Mid-East Oil A little over a month ago, we explained that energy traders are "Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports", and highlighted how already razor-thin independent refiner (teapot) margins had plunged to record negative as a result of the war in Iran and government policies meant to keep prices from rising. Fast forward to today when the previously discussed dynamics have gotten progressively worse, and this morning Bloomnberg writes that...

Oil Tumbles On Iran Deal Buzz As Rubio Still Insists 'Denuclearization' Is The 'Ultimate' Goal Summary Rubio: The "ultimate deal" is the denuclearization of Iran, while Omani talks focus on reopening Hormuz. Stalemate persists: Iran refuses nuclear negotiations until the conflict ends, leaving both sides far apart. Deal optimism sees oil slide: Brent fell below $80 on reports of progress in Oman-mediated Hormuz talks. Bessent claims a Hormuz agreement could come "today or tomorrow". Major doubts remain given Iran denies formal talks, security risks persist and the reported Oman plan could leave Tehran with broad...

Iraq has shut down some oil wells. As have Kuwait, Qatar, Bahrain, the Emirates and Saudi Arabia. Qatar has also shut down is gas wells and the process ‘trains’ needed to liquefy natural gas. All this because of the virtual closure of the Strait of Hormuz and because of potential missile and drone attacks on the fragile […]