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TRADER MEETING NOTES

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It’s Not Coming Home (The Barrel, Through Hormuz)

Brent stabilises below $85 as backwardation returns. Dubai weakens sharply, while refining margins climb to record highs.
16 page report
16 July 2026

Hungry for TACOs

US-Iran tensions escalate as strikes hit vessels and targets. Brent spikes $8 before easing as markets digest renewed volatility.
16 page report
9 July 2026

Trying to beat Contan-Congo

Brent nears $70 as crude weakens, but strong refining margins and heavy shorts raise risks of a sharp squeeze.
16 page report
2 July 2026

Contang-oh no!

Nevertheless, the Strait of Hormuz is open, and thus, oil shall flow.....
16 page report
25 June 2026

Memoran-Done…?

Having been burned so many times by declarations that the war is over, the scepticism of the market is hardly unbelievable....
16 page report
18 June 2026

Positioning For Peace

The Iran war has hit its 100-day mark, but no peace deal is in sight. Strikes are exchanged, but short of widespread escalation...
16 page report
11 June 2026

Deal or No Deal

Just when you think the bullish winds have been taken out of the market, the bulls find a way to steady the ship as Brent rebounded from....
16 page report
4 June 2026

I think I’ve seen this film before

We will need a more robust confirmation of a ceasefire. The longer such a confirmation takes, the more likely it is we won't see one...
16 page report
28 May 2026

The Art of the Jawbone

Oil swings on Trump’s Iran rhetoric, but tight inventories and bullish positioning keep supply risks elevated.
16 page report
21 May 2026

Reaching the summit

Hormuz easing hit crude, but tight inventories support markets; East gasoline/naphtha strong, HSFO stabilising, butane supported.
16 page report
14 May 2026

Sell the Rumour, Buy the Fact

We have seen theories of market manipulation, but we are yet to see a declaration of peace…
16 page report
7 May 2026

M.A.D

US–Iran stalemate deepens; Hormuz tensions rise, talks collapse, threats escalate, with both sides edging toward mutual destruction
16 page report
30 April 2026

You get a blockade, and you get a blockade! Everyone gets a BLOCKADE!

The good news: the ceasefire is extended, diplomacy is prevailing; the continued pause of kinetic action is very welcome. The bad news....
16 page report
23 April 2026