Energy Reprices Higher as Market Positions Into Weekend Risk, Distillates Tighten Further and Biodiesel Follows
Updated: Mar 26
The energy complex has shifted from reacting to positioning. Brent is trading at $107.48/bbl, up $5.26 or +5.15%, while WTI is at $94.64/bbl, up $4.32 or +4.78%. This move reflects a repricing of risk rather than new fundamentals as the physical situation remains unchanged. The Strait of Hormuz is still operating at severely reduced capacity with flows running roughly 95% below normal levels and limited to selective vessels. This creates a clear asymmetry where short positioning becomes difficult to carry into the weekend.
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