Tick Tock

Analysts at J.P. Morgan warn that OECD commercial inventories are being depleted at a rate of 1.66 million bpd. While this might survive until September on paper, the actual functionality of the global supply chain could break down as early as this June as we approach the operational minimum.

And even if we got a deal today, the IEA has also warned that mine cleanups and restoring shipping traffic could take another 6-8 months.

Trump better start giving Iran whatever it is they want real soon.

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