Iran War Boosts Refiner Hoarding
The ongoing war in the Middle East has increased refiner demand for precautionary stocks. One indicator of this is the extremely negative excess returns to storage for Brent shown in the figure here.
The ongoing war in the Middle East has increased refiner demand for precautionary stocks. One indicator of this is the extremely negative excess returns to storage for Brent shown in the figure here.
Unintended Consequences (September 14, 2026) -- History does not repeat, but it rhymes.