The NACHO trade

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In this report: J.P. Morgan's September inventory floor. The UAE walks. Kuwait exports zero. Europe's gas math is one warm summer from breaking. Iran's 13-point proposal versus Trump's blockade prep. Commitment of traders analysis and expanded trade section. BRENT Last week +4.65% (+$5.11) for the week. Open $106.60 High $115.30 Low $105.55 Close $114.31ShareLast week’s Monday trade guidance. Become a paid subscriber for access each week. ArticlesMUST VIEW: IEA: 2026 Energy Crisis Policy Response TrackerUAE quits OPEC: What that means for the Gulf, energy markets and beyondChina Orders Refiners to Ignore U.S. Sanctions on Key Iranian Oil BuyersTrump orders aides to prepare for extended blockade on Iran — as Tehran’s economy collapsesOil could trade at nearly $120 if war drags on, Goldman Sachs warnsTrump-approved pipeline could increase Canada-U.S. oil exports to 1M barrels per day, expert saysLegendary Trader Paul Tudor Jones on AI Risk, Bubbles and BuffetEgypt advances alternative EuropeDOE has released 17.5 million barrels from the Strategic Petroleum Reserve since OPEC’s Annual Statistical Bulletin ViewAs I talked about in several previous reports to date, we have entered into an energy timeline that terminates in September. The cracks will become critical in roughly 4 weeks from today. This is elegantly drawn out by J.P.Morgans Natasha Kaneva in a private client letter last week titled ‘The illusion of plenty’. To summarize, the world holds 8.4 billion barrels of oil in storage. Only 0.8 billion of those are actually drawable, and at the current pace of withdrawal, OEC…