Sep. 22 at 2:14 PM
$ANNA
Oil prices are pulling back on market's optimism that Iran could open the Strait of Hormuz within seven days, PROVIDED that the US eases its military pressure and life port blockades. (Where have we heard this before?)
Saudi Arabia's ongoing work to bring the East-West pipeline back to half capacity as early as this week since Houthis damaged the pipeline and two pumping stations. This is also dependent on Houthis not continuing on with attacks on the pipeline.
Does the market trust CENTCOM / US claims that oil flows from the region averaged 17.1 million barrels a day over the 10 days leading up to Sept 18? Independent marine tracking data hasn't verified these claims. Even LNG shipments reached a six-month high over the last 2-week period.
Oil demand is still buffered by fuel reserve stocks worldwide, though they are dwindling rapidly. US SPR is at its lowest level since 1982.
