When Reported Inventories Stop Meaning Available Barrels

Questions over usable SPR, Cushing and middle-distillate stocks strengthen the role of RD and biodiesel, as renewable feedstocks remain available while replacement diesel barrels tighten.

Markets were calmer Wednesday, yet calm reflected headline fatigue rather than lower Middle East risk. Conflicting reports moved between progress on an Iran-Oman framework and Iran postponing the agreement after renewed US threats. Iranian sources tied a Strait of Hormuz reopening to sanctions relief, access to blocked funds, an end to the naval blockad…