Mideast oil may soon have no way out amid wars, but the crisis in refined products is even worse - Fortune
Mideast oil may soon have no way out amid wars, but the crisis in refined products is even worse - Fortune
Source: Fortune
―
DW NOTE
WTI at $89 after a 27% monthly spike tells you the shipping chokepoints are already priced in. The refiners' crisis is structural: you cannot conjure distillate capacity out of thin air when you've spent a decade shutting down plants to appease ESG mandates. What comes out of the ground matters less than what can be processed and moved—and both pipelines are broken.