Indonesia Panic Signals Asia Is Entering the Dangerous Phase of the Hormuz Crisis
Today’s correction in crude oil missed the larger macro story developing underneath currency exchanges particularly in Asia. Brent still settled near $110.66/bbl while WTI held above $108.62/bbl despite diplomatic headlines regarding Iran. June ICE gasoil closed at $1,220.25/mt, down only 1.07% on the day, while Jun/Dec backwardation narrowed to $265/mt from $275/mt previously. Heating oil continued strengthening with June HO at $4.1241/gal, up 71.1% over three months, while Jun/Dec HO backwardation widened further to 68 cts/gal. These are still severe shortage structures.
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