Global energy markets have enjoyed an uneasy calm in recent weeks despite the ongoing conflict in Iran and the closure of the Strait of Hormuz. Brent crude has traded in a relatively contained range around $95–110 per barrel rather than exploding past $150 as many initially feared. The reason? China has dramatically slashed its crude […]
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The global aluminum market is confronting what analysts describe as one of the largest base metals supply shocks in the post-2000 era. Missile strikes tied to the ongoing conflict in the Middle East have damaged key Gulf smelters, while the closure of the Strait of Hormuz has created severe logistical bottlenecks. The result: a sharp […]
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ENB Pub Note: This article ran on Andrew Korybko’s SubStack and is worth reading. He brings up some interesting points, and Turkey is out for Turkey and should be watched. The Polish-led “cordon sanitaire” that’s taking shape along Russia’s western borders will connect with the Turkish-led one that’s poised to emerge along its southern borders, thus […]
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Europe is staring down a structural gas deficit heading into the critical summer refill season. Storage levels sit near historic lows, Russian pipeline flows have all but vanished, and Middle East LNG supply disruptions (triggered by the ongoing Strait of Hormuz constraints since late February) have forced buyers to scramble for every available cargo—primarily from […]
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Russia is capitalizing on elevated global oil prices triggered by the ongoing Middle East conflict, pushing crude export volumes near 2026 highs while redirecting flows to key Asian buyers—most notably India. According to tanker-tracking data compiled by Bloomberg, Russia’s four-week average crude shipments reached 3.66 million barrels per day (bpd) in the period ending May […]
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Northern Oil and Gas, Inc. (NYSE: NOG) has taken a significant step into Canada with its first international acquisition. The company announced on May 26, 2026, that it has agreed to acquire a 25% undivided non-operated interest in light-oil producing properties and substantial undeveloped acreage in Alberta’s Duvernay Shale from Parallax Energy Operating Inc. This […]
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In a recent appearance on Squawk Box Asia, veteran commodities strategist Jeff Currie (Co-Chairman of Abaxx Markets) delivered a stark warning that resonates deeply with current market dynamics. He described an emerging “rare earth moment” — a qualitative shift where markets have been neglecting the physical world (“atoms”) in favor of financial narratives and tech […]
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Oil markets are gripped by a classic battle between headline optimism and physical reality in late May 2026. Brent crude has traded in a volatile $90–$110+ range (recently around $98/bbl as of May 25), well above pre-crisis levels near $60–70, after spiking as high as $126 earlier in the conflict. The driver remains the 2026 […]
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Even the most optimistic reopening of the Strait of Hormuz won’t deliver a quick fix. Physical barrels tell a far harsher story than paper futures. Art Berman (@aeberman12) nailed it in his May 25, 2026, post: There is no clean, modelable “successful reopening” of the Strait of Hormuz. Even in the wildly optimistic scenario, the […]
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In the shadow of the ongoing U.S.-Israeli conflict with Iran — marked by the near-closure of the Strait of Hormuz and the largest oil supply disruption in modern history — Saudi Arabia stands out as a clear winner. While many Gulf producers face sharp production cuts, export halts, and economic contractions, the Kingdom under Crown […]
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