Quick Read – Amrita Sen warns that between 130 and 150 million barrels of U.S.-authorized Iranian oil created a one-time supply wave that masked a structurally bullish crude market. – Up to 80 mines in key shipping corridors will take months to clear, keeping true landed oil…
sts far above headline WTI prices. – EIA forecasts Brent near $106 by mid-2026 while current prices sit around $76, with UAE’s OPEC exit shrinking global spare capacity to 2.5 million b/d. – Crude has cracked. WTI is ~$70 per barrel, after a brutal month in which the U.S. benchmark fell from the triple-digit panic of mid-May to something that looks suspiciously like normal
WTI is down $21.41 from a month ago, a 21.3% drop. Gasoline traders are exhaling. Airlines are recalculating fuel hedges.
And Amrita Sen, co-founder and director of research at Energy Aspects, went on CNBC this morning to argue that almost everyone is reading the tape wrong. Her case is this. The Middle East crisis that sent Brent to $138.21 on April 7 remains unresolved, temporarily papered over by a flood of Iranian barrels that Washington itself authorized.