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 abou
Thank you to all the subscribers who turned out live for our third Context Call Q&A and contributed so many good questions.Like last time, we’re posting a recording of the call for oil watchers who weren’t able to make it live.There’s a ~3:
Hello, Commodity Context subscribers!Our latest contribution to the Dispatch Energy newsletter, A Beginner’s Guide to Reopening the Strait, is reprinted in full below. You can also listen to the story via the recorded voiceover.If you enjoy
This 47-page June 2026 edition of my monthly data-dense, visualization-heavy North American Oil Data Deck is exclusive to paid Commodity Context subscribers (attached PDF below paywall). The deck contains detailed and decomposed accounting
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 abou
This 71-page May 2026 edition of my monthly data-dense and visualization-heavy Global Oil Data Deck series (attached PDF below) is exclusive to paid Commodity Context subscribers.Become a paid subscriber today to view the full Global Oil Da
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 abou
Become a paid subscriber today to view this full report exploring why the balance of evidence suggests that China’s collapsing oil imports likely aren’t a sign of acute demand destruction but rather indicate a substantial injection of Chine
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 abou
The United Arab Emirates (UAE) announced on April 28th that it would be leaving OPEC effective May 1st. Accordingly, this is the last OPEC+ Data Deck that will include inclusive coverage of the UAE’s production through April in the context
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 abou
This 47-page May 2026 edition of my monthly data-dense, visualization-heavy North American Oil Data Deck is exclusive to paid Commodity Context subscribers (attached PDF below paywall). The deck contains detailed and decomposed accounting f
Thank you to all the subscribers who turned out live for our second Context Call and contributed so many good questions.Like last time, we’re posting a recording of the call for oil watchers who weren’t able to make it live.Paid subscribers
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 abou
This 73-page April 2026 edition of my monthly data-dense and visualization-heavy Global Oil Data Deck series (attached PDF below) is exclusive to paid Commodity Context subscribers.In addition to our regular monthly tracking, this edition o
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 abou
Become a paid subscriber today to view this full report exploring why crude prices have remained relatively low in the face of the largest supply shock in the history of the oil market, and join me in my hunt for ever-deeper oil & gas marke
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 abou
We now have our first official OPEC+ production data that extends into the Iran War and reflects the monthly average supply losses across major Gulf producers driven by the stoppage of traffic through the Strait of Hormuz. This is a COVID-l
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 abou