Rory Johnston: What Everyone Is Getting Wrong About The Oil Price Amidst Iran War
Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is Commodity Market Research - Specializing in Oil & Gas. Johnston describes an unprecedented period of volatility in oil markets, where the supply-demand balance swung radically within a single month. Following a ceasefire in the Strait of Hormuz, a surge of previously stranded tankers created a temporary mini-glut, flipping market structures from severe backwardation into contango. However, this glut proved fleeting as inbound empty tankers, initially driven by the most risk-tolerant owners, have dried up, leaving Gulf loadings…
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