Hostilities lasted 38 days.
Today is the 48th day of the ceasefire, the chicken-out.
Asia is sucking fumes.
Europe is buying from the US Strategic Petroleum Reserve and will be in trouble similar to Asia in June, and the US itself will develop problems in July.
Oil market at ‘tank bottoms’ in Asia, and Europe isn’t far behind, warns market veteran Jeff Currie
... “I would say, Asia, you’re there. Europe, give it about another month, and look for July being a problem in the U.S.,” Currie said. ... “Every day that goes by, Iran’s negotiating leverage compounds. Why? Because inventories of oil and inventories continue to drop,” he said. “The minute you think you won, that’s exactly when you know you probably lost, and their negotiating position at this point has never been stronger in the last 47 years.”
