Originally Posted by
Trip7
Asian cargoes are already loading in the $170s. They'll pay anything to prevent shutting down refiners which is an extremely expensive process.
The Oil market is like toilet paper. You don't realize how badly you need it until you run out. As long as there's still inventory to draw down here in the US there won't be panic
Probably because China gets a lot of their oil from Iran. Which is a problem (for them) with the US blockade. A little bit of hurt to go around for everyone until this mess is resolved.
On that note, seems that Iran is about 10ish days away from turning off their oil pipes. If that happens, it’ll either cost too much to turn back on or it won’t turn on due to irreparable damage. Not gonna pretend to be an expert in all this, but if the above is true, there’s a chance this is over soon enough with a deal in favor of the US