Oil & Iran War Context Weekly (W19)

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Happy Friday, Oil Watchers!Every week, I summarize and analyze developments in flat crude prices, calendar spreads, high-frequency inventories, refined products, and positioning data, as well as a taste of the themes I’ve been thinking about or following closely.Also a reminder that paid subscribers can access the latest weekly update of the detailed 40-page PDF Market Positioning Data Deck at the bottom of this report.On the latest episode of the Oil Ground Up podcast, I was joined by Eric Nuttall, a partner and senior portfolio manager with Ninepoint Partners LP, where he manages the Ninepoint Energy Fund and Ninepoint Energy Income Fund; our discussion focused on the unprecedented Hormuz energy crisis, how the largest energy shock in history is affecting the value of North American oil and gas producing companies, and what “the day after Hormuz” looks like for the global oil market.For additional context, check out my appearances on CBC’s Power and Politics (video), the Arc Energy Ideas Podcast (audio), the Majority Report (video), and TopTV (video).Become a paid subscriber today to read the full Oil Context Weekly report every Friday and join me in my hunt for ever-deeper oil market context.If you’re already subscribed and/or appreciate the free chart and summary, hitting the LIKE button is one of the best ways to support my ongoing research.SummaryFlat Prices are down ~$7.50/bbl with Brent ending the session around $100.50/bbl; prices shot up on the back of escalating regional violence early in the week but pulled back sharply on Wednesday on yet more news of a potenti…