In this episode of Focus on Fuels, Alex Hodes and Trevor McClanahan of the StoneX Energy Desk analyze why crude oil prices rallied at the start of 2026, even as the broader fundamental outlook remains bearish.

They examine recent political changes in Venezuela, shifts in global crude exports, and how technical factors and economic data contributed to a sudden move higher in prices. The discussion also explores ongoing risks tied to Russia, Iran, and OPEC policy, and why those uncertainties continue to influence market psychology.

The episode concludes with practical insight for fuel buyers and risk managers, including what diesel margins, inventory trends, and the $55 per barrel WTI level may signal for pricing decisions and risk management strategies in the year ahead.