Keep pulling the thread on United States.
Jet fuel prices in Singapore have reached several hundred dollars per barrel due to the conflict in Iran and the closure of the Strait of Hormuz.
Asian countries are experiencing physical fuel shortages and hoarding in anticipation of further supply disruptions from the conflict in Iran.
The LNG market outlook has shifted from oversupply to undersupply due to outages in Qatar, and another wave of US LNG project investment is now expected.
All US LNG projects currently awaiting Final Investment Decisions (FIDs) are expected to be approved due to increased market demand.
The current oil market disruption from the conflict in Iran is the largest supply shock in history, described by Fatih Barol as equivalent to the 1973 and 1979 crises combined.
The current energy crisis represents a 20 million barrel per day supply collapse, analogous in scale to the 20 million barrel per day demand collapse seen during the COVID-19 pandemic.
Global oil inventories are expected to be exhausted by mid-to-late April, which will force a sharp reduction in demand to align with the reduced supply.
Global oil inventories are projected to decrease by 440 to 450 million barrels in the current month, even with releases from the Strategic Petroleum Reserve.
Jet fuel prices in Asia have reached $200 per barrel.
Diesel shortages in Australia are severe enough to force the shutdown of mining operations.
Oman and Dubai crude oil prices spiked to $191 per barrel last week.
The trade flowing through the Strait of Hormuz accounts for 8% of global trade.