Post by Cordoba Research Group

“The first phase of the Iran shock was about crude prices. The second was about product shortages. The next phase is about what happens when refineries stop running normally. Asian refiners initially benefited from processing cheaper pre-war cargoes into a scarcity market, but that buffer has now been absorbed. Refinery throughput is falling, diesel and jet fuel prices have surged, and the pressure is beginning to move into freight, agriculture and food inflation.” 📌 In this note, Cordoba Research Group looks at: - Why the gap between physical and paper oil markets has widened sharply - How refinery run cuts are feeding into diesel and jet fuel shortages - Why fertiliser and agriculture markets are now part of the energy shock - What to watch if disruptions in Hormuz continue through 2026 📩 Read the note here: https://lnkd.in/eXM4SfF5 (for the full note, visit the Research Library) #EnergyMarkets #Oil #Refining #Commodities #Macro #CordobaResearchGroup