Strategic oil reserves rapidly dropping

[GreatGazoo]

4. Dan Dicker wrote a book 15 years ago

He has a right to be wrong now. In March everyone expected the worst and oil went to $120 but what we have seen is that the dynamics are very different now than they were in 1973 or 2011.

Yes 30% was the reduction in imports. Fair enough but traders and watchers are shocked by how China reduced consumption and that was underlined when China exported refined oil products including jet fuel during this alleged crisis.

Bottom lines: Hormuz situation has had far less impact than expected, and the longer it goes on the more the world will minimize not just Hormuz but oil in general. This is a shipping and transport issue, not a shortage of oil.