Oil & Iran War Context Weekly (W17)

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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.In the latest episode of the Oil Ground Up podcast, I spoke with Amena Bakr, Head of Middle East Energy & OPEC+ Insights at Kpler and a very long-time OPEC watcher, about the latest tracking of the Hormuz crisis, the shockingly sanguine market reaction thus far, and how the political and industry leadership across the region is attempting to manage through this unprecedented shock to their operations.I had an absolute blast joining Jacob Shapiro and Marko Papic on the Geopolitical Cousins podcast to talk about the Hormuz oil supply hole. Come for the barrel math, stay for the “which Twitter replies drive me to douse myself with gasoline and light a match” game.This week, I also spoke with CNBC Squawk Box Asia (video), Bloomberg Intelligence (video), and Palisades Gold Radio (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 rose more than $15/bbl to break the three-week stretch of declinin…