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The Strategic Petroleum Reserve just posted its 25th straight weekly decline and is now down to 285M barrels. That’s the lowest since 1982. Engineers are also warning that draining the underground salt caverns storing the oil much further could cause real structural damage. And if that wasn’t enough, ExxonMobil’s Joliet refinery, which is one of the largest diesel plants in the Midwest, is down after a power outage, and Saudi Arabia just informed European refiners they will be allocating zero crude next month because their East-West pipeline got hit by the Houthis. JPMorgan put out a report essentially admitting they have zero model at all anymore for how this all ends. And Pakistan has imposed lockdown-like measures of its own, banning new government vehicle purchases and forcing markets to close by 9pm.
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UN Mission Finds Reasonable Grounds US Committed War Crimes In Iran
Including Strike That Killed About 120 Children
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The Chinese-made BYD "Seagull II" EV for under $20,000.
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The BYD "Seagull II", a Chinese EV for under $20,000.
Financial insights visualization: Saudi crude supply disruption to Europe - multiple Bloomberg-citing tweets report that Saudi Aramco has told at least two European refiners they will receive no Saudi crude next month, East-West pipeline attack and outage - multiple tweets attribute the supply interruption to a drone attack on Saudi Arabia's key East-West pipeline leading to the Red Sea
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600,000 registered, 313,000 on the streets of Tehran: Iran's Basij says its Sacrifice for Iran militia drive now counts 32 million members. Hardware paraded in the capital.

#Iran #Oil #Hormuz #Energy
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Diesel at $6.40 a gallon, gasoline at $4.44. US reserves are at 285 million barrels, the lowest since 1982, after $107B burned at the pump.

#Oil #Energy #Markets #Geopolitics

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China cut oil purchases 23% in the first six months of the Iran war. Goldman puts crude $10/bbl lower than it would have been. Beijing holds a third of global stocks.

#Iran #Oil #Hormuz #Energy

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