Apr. 3 at 12:05 AM
You are seeing it but the financial market is almost masking the true tightness that everywhere else is showing up,” Sen said. The price for a barrel of diesel in Europe is almost
$200 per barrel right now, she said.
Chevron
CEO Mike Wirth warned last week that the futures price is not reflecting the scale of the oil supply disruption to the closure of the Strait. Wirth said the market is trading on “scant information” and “perception.”
“There are very real, physical manifestations of the closure of the Strait of Hormuz that are working their way around the world and through the system that I don’t think are fully priced into the futures curves on oil,” Wirth said at the CERAWeek by S&P Global energy conference in Houston on March 23.
$CVX $XOM $USO