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Episode 100: The great divergence: crude collapses while products rally
Felipe Elink Schuurman and research heads Neil Crosby, James Noel-Beswick, and Jorge Molinero mark episode 100 analyzing crude's peak weakness versus 10-year-high distillate rallies. Russia's refinery crisis, Hormuz rebalancing, and when stock replenishment becomes the real floor signal.
Chapters:
**(01:47) Hormuz reopens, but the real question is what comes next**
10-15 million barrels per day flowing out, but Iran maximizing exports while US refills reserves.
**(08:46) Russia's refining collapse is reshaping global product markets**
Runs halved from 6M to 3M bpd. Ukraine's drone campaign…
The skinny
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