Not Good Delivery

The week posted a 13.3-million-barrel build and the pump repriced anyway — assay the parcel and it is propane, NGLs, and one week of missing diesel demand.

The Weekly Petroleum Status Report posted at half past ten on Wednesday morning, eighteen hours after the US Navy’s blockade of Iranian ports took effect and a few hours after a fourth consecutive night of strikes ran seven hours down Iran’s coastline — and the tables inside it describe a market that stopped existing on Friday afternoon.

The price columns are frozen at the close of the data week, WTI at $72.45 and Brent at $74.34 on 10 July, against a front month that touched $87 on Tuesday and settled at $84.73 after the transit levy was withdrawn — so the document landed on the desk quoting a price ten dollars below the market it landed into, which is the first warning that this report should be read for its quantities and not its quotes.