Publications: Notes at the Margin

It's Products, Not Crude (July 20, 2026)

 

The key oil story today is in Russia, not the Persian Gulf, but you would not know it from the press. Ukraine has disabled much of Russia’s refining capacity, leaving the world with very limited diesel supplies. Markets are now reflecting the shortage. The gasoline supply is less constrained, but tightness could appear by fall.

 

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