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In this report: Brent is at $101, not $150, for one reason: China is currently a net seller of crude. Mercuria’s CEO says they have about three weeks of inventory left to dump. Thereafter, the world’s largest buyer steps back onto the bid into a market that is already 14.5 million barrels a day short.Prior week: BRENT+8.13% (+$7.51) for the week. Open $96.12 High $107.40 Low $92.75 Close $99.93ArticlesChina “Aggressively” Dumps Oil In Tenders As Iran War Reshapes FlowsIran deploys more mines in the Strait of Hormuz, sources sayPentagon dismisses report it could take 6 months to reopen Strait of HormuzTrump’s oil export surge — and ceilingVideo: Hormuz Crisis Deepens No KumbayaSwiss oil traders anticipate high prices and strong profitsHow power markets can adapt to energy crises(Podcast) Are We Still in the Early Stages of the Commodities Cycle?Offshore rigs tender axed due to 'unusually steep' rise in day rates, causing frustrationViewStatus checksCountries across the world now working into SPR reserves. On average, the world has at a push approximately 100 days theoretical SPR reserves. See chart in ‘Buffer’ section. Nonetheless, we are started that 100 days last week. The doomsday scenarios everyone is now talking about is this. If the war were to end tomorrow and the SOH were to be open by lunch 100%, it would still, AT BEST, take 120 days to get tankers back to the gulf and then onto their destinations. It would take another 20 days AT BEST, for those now loaded tankers from Hormuz, to get to the likes of Europe or India. Oh, and by the way, there is a 6-month mine clea…