Publications: Notes at the Margin

Options-Driven Brent Prices: The Abdulaziz Squeeze... (April 17, 2023)


This Notes at the Margin has a slightly different character from past reports. It covers several topics individually. In doing so, it includes more figures and fewer words. Our five topics are as follows:


  • Oil prices have increased steadily in April due to the hedging of options on June Brent futures.
  • US gasoline stocks are much too high.
  • The IMO programs no longer support diesel fuel prices and refiner margins.
  • Uncle Joe's squeeze on crude oil prices continues, aided by aggressive refining crude stock management.
  • Electric vehicle sales in the US seem to be following the market penetration trend of cell phones.


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