Spreads Don’t Lie
Crude prices are responding to a quiet Iranian news cycle during Ashura, but inventories, freight, distillate spreads and options volatility show that the physical risk has not disappeared.
The jawboning is working, helped by an unusual absence of Iranian headlines during the Tasoua and Ashura holidays on June 24-25. US officials have filled the news vacuum with assurances that Hormuz f…
