Brent is lower, gasoil is higher, and Europe is talking about emergency diesel reserves. But at what point does the conversation move from releasing stocks to securing actual supply?

Afternoon all. It is afternoon. Should have been morning, but you know, mad market, isn’t it?

Seven months into the conflict and the market is still waiting for something concrete. Brent above $107, diesel around $195/bbl, expensive freight and a Brent curve that continues to say tight. Moving oil and having free passage are two very different things.

Brent below $100 might look like relief. Gasoil above $200/bbl says otherwise. Crude and products remain two very different stories, while extraordinary freight costs add another layer to an already expensive barrel.