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TRADER MEETING NOTES

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Latest

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

Teeter-Totter

Middle East tensions re-escalate as Hormuz closes, tanker attacks resume, US-Iran strikes intensify, and storm risks emerge.
16 page report
30 July 2026

What’s worse than one Strait being under attack…?

Brent targets $100 as Houthis declare naval blockade on Saudi Arabia; Asia refined products rally substantially; gasoil cracks breach $70
16 page report
23 July 2026

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