Our thoughts on oil’s paper-physical market disconnect
Oil prices have fallen back on net this week even though shipping through the Strait of Hormuz remains near a standstill, which has prompted questions about the disconnect between paper and physical oil markets. The state of the physical market is still dire and if there isn’t a sustained recovery in flows through the Strait, we think the oil market could reach a so-called tipping point around the start of Q4.
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