{"id":3658,"date":"2026-06-29T02:00:00","date_gmt":"2026-06-28T23:00:00","guid":{"rendered":"https:\/\/mikhailinvest.com\/oil-markets-are-pricing-a-supply-surge-that-isnt-guaranteed\/"},"modified":"2026-06-29T02:00:00","modified_gmt":"2026-06-28T23:00:00","slug":"oil-markets-are-pricing-a-supply-surge-that-isnt-guaranteed","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/zh\/oil-markets-are-pricing-a-supply-surge-that-isnt-guaranteed\/","title":{"rendered":"Oil Markets Are Pricing A Supply Surge That Isn\u2019t Guaranteed"},"content":{"rendered":"

Crude oil prices are in freefall after the United States and Iran agreed on a ceasefire, set to last 60 days. Traders expect the ceasefire to unleash an avalanche of crude, and indeed, tankers are leaving the Persian Gulf in growing numbers. And yet Iran just struck<\/a> a commercial ship in Hormuz.<\/p>\n

\u5f6d\u535a\u793e \u636e\u62a5\u9053<\/a> earlier this week that the ceasefire prompted huge discounts in available crude cargoes, noting how Angolan crude was selling at a $10 discount to dated Brent\u2014for the first time in a decade. Not only this, but Chinese refiners were offering crude oil cargoes for sale, the publication wrote, citing unnamed traders.<\/p>\n

\u201cYou actually get a discount to buy a barrel now versus a barrel tomorrow because of the weakness in the Asian pull on Middle Eastern grades,\u201d Daan Struyven, co-head of global commodities at Goldman Sachs, told Bloomberg. \u201cReopening is going well and quickly.\u201d<\/p>\n

This appears to be the general feeling in trading and analyst circles. Indeed, analysts were somewhat baffled by the speed with which oil prices dropped amid the reports of more tankers exiting the Strait of Hormuz loaded.<\/p>\n

\u201cThe market has rebalanced through a meaningfully different mix of demand losses and inventory withdrawals than we initially assumed,\u201d JP Morgan commodity analysts \u8bf4<\/a>, as quoted by the Wall Street Journal.\u00a0<\/p>\n

\u5c06 OilPrice.com \u8bbe\u7f6e\u4e3a Google \u7684\u9996\u9009\u6765\u6e90\u3002 .<\/p>\n

ING, however, sounded a note of caution. \u201cThe market is largely focused on the resumption of oil flows through the Strait of Hormuz, which continues to increase,\u201d the Dutch bank\u2019s commodity team wrote today. \u201cHowever, much of the increase reflects previously stranded vessels leaving the Persian Gulf. Vessel flows into the Gulf remain much more modest.\u201d<\/p>\n

Indeed, the Wall Street Journal also noted in its report that while there has been a strong rebound in tanker traffic out of Hormuz, it is made up of stranded vessels finally allowed to exit the chokepoint. Incoming tankers, however, are nowhere near outgoing numbers. The publication cited the chief executive of Phillips 66 as estimating some 90 to 100 million barrels set to leave the strait and adding, \u201cThen the question is: Who will be brave enough to send ships back in? Will they be able to get insurance? How does that all play out?\u201d<\/p>\n

Interestingly, Bloomberg also focused on the stranded tankers now leaving the Strait of Hormuz as the basis for its prediction that a flood of crude is coming into the market. The suggestion here is that oil markets are about to flip from deficit to excess in a matter of days, which was immediately reflected in prices. \u201cThe market might be a little bit overenthusiastic of how quickly the supply side, particularly inventories, are going to stabilize,\u201d TD Securities\u2019 global head of commodity strategy Bart Melek told the Wall Street Journal.<\/p>\n

The reported Iranian strike on a commercial vessel in Hormuz earlier this week could give those overenthusiastic market players a pause, but for now, there is nothing to suggest it. Oil benchmarks are set for a sharp<\/a> weekly decline despite a slowdown in the price movement following the news.<\/p>\n

\u201cWith the geopolitical risk premium once again creeping back into prices, markets will be watching intently to see if tanker traffic resumes or if these latest hurdles force producers to tap the brakes on planned production increases,\u201d IG analyst Tony Sycamore said as quoted by Reuters.<\/p>\n

There is also the matter of inventory refilling. As Bloomberg noted in its report, echoing analyst warnings, the world handled the Hormuz crisis by tapping oil in storage. China\u2019s contribution to relative market balance was seen as particularly notable, since the world\u2019s largest importer of crude could afford to reduce purchases by dipping into its massive oil inventory, reducing oil prices\u2019 potential for skyrocketing. Yet with flows out of the Persian Gulf improving, Chinese refiners may start buying once again\u2014presumably, after they sell all the cargoes they want to sell right now.<\/p>\n

The U.S. also needs to refill<\/a>, and rather urgently, because oil in storage is at levels low enough to start worrying some observers, with the strategic petroleum reserve sitting at the lowest level in four decades, lower than when it was in 2023, after the Biden administration released close to 200 million barrels. At the end of the week ending June 19, the SPR had 331.2 million barrels in it. The thing to remember about oil in storage, whether in the U.S. or anywhere else, is that not all of these barrels are actually available. There is a certain level of crude in the system that needs to be maintained in order for the system to keep working\u2014the so-called minimum operational level.<\/p>\n

So, it appears that a lot more oil is coming out of the Persian Gulf, and this is, naturally, weighing on prices. Yet there are doubts as to whether the rate of this outflow can be sustained over a longer period once the stranded ships clear out, which is potentially a booster for prices. The issue of insurance also looms large over the tanker market, as does the strength of the U.S.-Iran ceasefire.<\/p>\n

\u4f5c\u8005\uff1a\u4f0a\u7433\u5a1c\u00b7\u65af\u62c9\u592b Oilprice.com<\/a><\/p>\n

\u66f4\u591a\u6765\u81ea Oilprice.com \u7684\u70ed\u95e8\u6587\u7ae0<\/strong><\/p>\n