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Diplomacy reprices the barrel, not the barrel's journey: Hormuz offer, Russia diesel waiver and softening UCO demand collide with a still-severed physical market
Crude retreated on Monday as traders priced a possible Hormuz reopening and more Russian fuel exports, even as Kpler put Gulf loadings near 8.5 million b/d, Qatar's liquefaction 'cold boxes' lay wrecked, and the IEA kept warning of dearer delivered diesel for Africa. For Nigeria and West African feedstock operators, the operative question is not the screen price but the freight, insurance and netback underneath it.
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