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Episode 94: The largest stock draw in history. Oil barely moved.
Felipe Elink Schuurman, June Goh, and new analyst Abhishek Kumar cover a record 19.5mb stock draw that barely moved prices, the Russia OFAC waiver with no new barrels, India's supply strategy, Asia's group buying trend, and trade views across distillates, jet, fuel oil, and gasoline.
Chapters:
(01:02) Trump backs down and vessels start moving June on the Iran strike cancellation, ICE Brent's fall, and the first VLCCs exiting the Strait.
(02:35) Record 19.5mb stock draw. The market barely reacted. June on the historic combined crude and product draw and why flat price still fell to $105/bbl…
The skinny
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