Lock, Stock And Smoking Dark Barrels: Diesel's “Higher For Longer” Moment

Oil is offered. Diesel is bid

Oil has had a busy week. Iran and Oman are working on a new route through Hormuz. Trump just unveiled a Venezuela deal covering 65 billion barrels of reserves. And dark tankers continue quietly moving Gulf crude that doesn't show up in the initial data.

Much has already been written about how the barrels are getting out. Here's the part that matters now: the crude is coming back. The products aren't.