Projectiles Hit Two Supertankers Exiting Hormuz As Brent Tops $92, Diesel Crack Breaches $100

"Absolutely Unprecedented": Diesel Crack Spread Hits Record As Refined-Products Crisis Arrives Brent and WTI futures remain below $100 a barrel on Tuesday morning, partly suppressed by governments releasing strategic oil reserves into global markets. But the more serious issue is building downstream, where the Russia-Ukraine war, strikes against energy infrastructure, and continued disruptions around the Strait of Hormuz are fueling the refined-products "perfect storm" we have repeatedly warned about. Oil extended gains this morning, with Brent trading around $91 a barrel after another vessel attack was reported near the Hormuz...

New Poll Shows American Voters Overwhelmingly Reject Communism, Dealing A Blow To DSA The Democratic Socialists of America are intensifying their consolidation of power within the Democratic Party, winning low-turnout local elections as establishment Democrats struggle to contain the spread of socialism and Marxism within their DEI kingdom. DSA leaders and politicians have openly embraced anti-American rhetoric centered on dismantling capitalism and calling for revolution, while their unofficial spokesperson, Hasan Piker, has amplified inflammatory calls to "kill capitalists." Hasan Piker calls on his followers to kill capitalists: “Yeah kill them! KiII those...

WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips Oil prices are modestly higher this morning, erasing overnight losses on Trump's 'ceasefire extension' after Iran attacked three ships in the Strait of Hormuz. While headline roulette continues to drive oil prices incrementally, this morning's inventory/supply data from DOE will provide some color on how the API Crude -4.5mm Cushing +700k Gasoline -5.2mm Distillates -4.6mm DOE Crude +1.925mm Cushing +806k Gasoline -4.57mm - 10th weekly draw in a row Distillates -3.43mm - 4th weekly draw in a row Crude stocks unexpectedly saw a build last week...