Tag: Strait of Hormuz

U.S. fuel prices have climbed to their highest levels since the Iran war began in late February, with diesel setting fresh all-time records and wholesale costs now exceeding the peaks seen before the first ceasefires.

Clark Savage73

How high they go from here, and how long they stay elevated, depends less on crude alone than on a global refining system that is already running near its limits. Energy analyst John Kemp noted Wednesday that the combined cost of U.S. crude and refining margins is now higher than in early April. So far […]

Continue Reading

China Crude Buying Jumps, and Fuel Exports Jump 29% – Jeff Curry is Spot On. It’s about the lack of refining capacity.

Clark Savage106

Chinese refiners are stepping back into the crude market while flooding product markets with extra gasoline and diesel, just as the rest of the world is running short of both barrels and refining capacity. August data show crude imports rising 6.2% from July to 8.93 million barrels per day, while refined product exports jumped 29% […]

Continue Reading

WTI is trading in the low-to-mid $90s this week and is more likely to test $93–$98 than to sustain a move above $100 unless there is a sharp new disruption.

Clark Savage142

Physical tightness, high product cracks, and China’s selective rebound in buying are supporting prices, but inventories, China’s still-subdued import volumes, and the existing backwardation already price in a good deal of risk. What the OilPrice article and related reporting show The Sept. 7 OilPrice piece (and the overlapping Bloomberg coverage it draws on) reports that […]

Continue Reading

CENTCOM Destroys 3 IRGC Oil Tankers After Iran Targets 2 U.S. Navy Warships

Clark Savage267

U.S. Central Command struck three Islamic Revolutionary Guard Corps-linked crude oil tankers on September 5 after Iran fired ballistic missiles at two U.S. Navy warships in regional waters. The American ships evaded the attack. No U.S. personnel were harmed. Tehran’s shadow fleet paid the bill. That is the energy war in one exchange: Iran shoots […]

Continue Reading

Mike Wirth framed Chevron’s new $7 billion Venezuela commitment as a “win-win-win” during a Bloomberg Television interview from Caracas: better heavy crude for U.S. Gulf Coast refiners, stronger energy security, and fresh investment and jobs for Venezuela.

Clark Savage337

The September 2, 2026 sit-down with Tyler Kendall came the same day Chevron announced updated joint-venture agreements with PDVSA. The company will invest more than $7 billion over five years across three existing ventures, add acreage in the Orinoco Belt’s Carabobo area, and target more than 600,000 barrels per day of production—more than triple the […]

Continue Reading

The Everything Shortage: Why Global Supply Chains Are Breaking and What It Means for Energy Markets

Clark Savage200

The world is short of nearly everything. Shipping routes are under attack, refineries are maxed out, and energy policies have backfired. In this episode, commodities expert Jack Prandelli breaks down the “everything shortage”—the interconnected crises in oil, gas, food, and critical minerals that are reshaping geopolitics and creating the next commodity super-cycle. Discover why diesel […]

Continue Reading