US oil exports soared to a record 6.4 million barrels last week. Out of the US SPR... and to foreign buyers
Source: zerohedge
UAE could now potentially produce more oil than the OPEC+ quota previously allowed them…
This move could force others to follow. Oil supply is going UP. Source: Geiger Capital
WTI crude hits session highs, pushing 10Y yields to dangerous territory: 4.35% any second
Source: zerohedge
*ANDURAND LOST 52% IN APRIL FIRST HALF AS CEASEFIRE HURT OIL BET
Pierre Andurand’s hedge fund lost 52% in the first few weeks of April and is now down 37% YTD Yikes. Probably don’t deserve to call it a hedge fund at this point. Clearly not much hedging going on for Pierre Source: Negligible Capital, Bloomberg
Oil flows from the Gulf
"Estimated oil flows from the Gulf (including pipeline redirections) increased to 10.4mb/d or 45% of normal on higher Yanbu exports as Saudi East-West pipeline full pumping capacity was restored within 4 days after the damage." Source: Goldman, zerohedge
HUGE: The US exported a record 12.7 million barrels of oil per day last week amid the Iran War.
Source: Bloomberg
China's oil supply pre-war:
29% Other Middle East, Hormuz blocked 26% Rest of world , scrambling 20% Russia, back to sanction as US just confirmed 14% Saudi Arabia , 700K bpd offline 11% Iran, blockaded⚠️ That's 54% of China's oil either blocked, sanctioned or disrupted. Source: Jack Prandelli on X, Bloomberg
We can always use a bit of good news, right?
This chart from BofA shows that the US economy has become more and more resilient to oil shocks over time. Source: Markets & Mayhem
