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TRADER MEETING NOTES

A premium report highlighting the market views of senior traders

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Latest

All Tricks, No Treats

The longer we wait, the more Brent should give in, given the expectation of strikes next week. There is only so much we can move....
14 page report
29 October 2026

Give Peace a Chance 2

Iran war strikes look likely to resume after midterms; Brent surges on escalation risk but $110/bbl stays strong resistance.
14 page report
22 October 2026

Band-Aids for Bullets

We see the impact of such high diesel prices, with September US PPI rising by 1.3% m/m against expectations of a 0.5% increase...
14 page report
15 October 2026

A Tale of Two Gulfs

Hormuz transits remain badly disrupted, with attacks on tankers at their highest weekly level since the war began.
14 page report
8 October 2026

Exports are a Yuan-Way Street…

Golden Week has begun in China and, by prioritising local demand, is turning Asia blue....
14 page report
1 October 2026

Vin(dicating) Diesel Exports

Rubio downplays UN talks progress; Iran rejects demands; false diesel export ban report crashes HOGO to record lows.
14 page report
24 September 2026

Yanbu, We Have A Problem

In a triple-digit flat price and crack environment, expect greater frequency of jawboning efforts from the White House...
14 page report
17 September 2026

Brent hits a century

With rates extraordinary, refiners have been racking up the runs, but the innings is in its final overs, with maintenance looming....
14 page report
10 September 2026

Everything, Everywhere, All At Once

US strikes Larak; Iran retaliates on Gulf states; Brent nears $95 amid short squeeze risk, bond yields climb; sour crude firms.
14 page report
4 September 2026

Caught India Middle

Putin said Russia is expanding exports to India. Looming 100% secondary sanctions from the US are putting India in a tricky position....
14 page report
27 August 2026

It’s the economy, stupid!

Things can change quickly at any moment, and it would not be far-fetched to see greater jawboning attempts by the White House...
14 page report
20 August 2026

A Brief Moment In The ($90) Sun

Brent slips below $90 as tight products, disrupted waterways and refinery risks keep the market supply-side bullish.
16 page report
13 August 2026

A Moment in the Eye of The Hurricane

The week started quietly, with no overnight strikes announced by CENTCOM on 31 Jul. That calm was unfortunately short-lived....
16 page report
6 August 2026