Biofuel markets are again moving toward the center of the global energy discussion, but one of the most important developments today is that fertilizer is now entering the same risk equation. As crude trades above $100 and distillate markets tighten, policymakers are no longer reacting only to fuel. They are starting to react to the agricultural input chain as well. Gasoil Apr/Jul backwardation resumed its ascent now that Mar expired and it is telling us that this crisis is harldly over...

Energy markets continue to reprice geopolitical risk as security in the Strait of Hormuz deteriorates. Reports circulated that three different classes of vessels including container ships, bulk carriers and tankers were attacked while transiting the strait, signaling that the disruption risk extends beyond crude cargoes to the entire maritime logistics system. Later reports indicated that Iran granted permission for Indian tankers to pass through the strait, suggesting that the waterway is...

Reports today that three different classes of ships were attacked transiting the Strait, container vessels, bulk carriers and tankers, immediately caught the attention of energy traders because the pattern does not appear random. When attacks touch all three segments of maritime trade it sends a signal beyond crude oil alone. It speaks to the vulnerability of the broader logistics system that moves energy, commodities and manufactured goods through one of the world’s most important maritime...