Hormuz Risk, Rockies Bottlenecks, and the Gernzee Premium
We break down the latest OPEC+ decision, Brent and WTI price action, and the escalating supply risk in the Strait of Hormuz. Then we look at North American crude flows, including the Cenovus-Athabasca deal, Rockies and Bakken constraints, and why scarce pipeline space at Gernzee is driving the region’s netbacks.
The skinny
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