> WTI closed over $100 today and we’re less than two weeks away from $10 diesel.

The world is facing “the biggest gap in energy supplies the world’s ever seen” as the war with Iran enters its 29th day, according to Francisco Blanch, head of commodities and derivatives research at Bank of America.

With Brent crude (CO1:COM) trading at $110 per barrel, Blanch warned in an interview with CNBC that the global oil buffer is rapidly depleting and the market has only about ten to fourteen days before hitting a critical shortage.

Blanch laid out what he called “basic oil math,” explaining that roughly 700M barrels of oil—300M barrels in transit from previously sanctioned Russian and Iranian supplies, plus 400M barrels from released reserves—are serving as the world’s current cushion.

“The market obviously is pretty anxious,” Blanch said, noting that the system is “chewing through the spare buffer” with approximately 20M barrels flowing daily through the Strait of Hormuz.

Even if the conflict ends, Blanch cautioned that oil volumes may not return to full capacity due to Iran’s demonstrated ability to threaten energy infrastructure and the strait itself.

https://seekingalpha.com/news/4569880-o … en-analyst

 


Buy Canadian heavy oil producers and refiners NAOW or be priced the fuq OUT 4-EVAR!!!