Felipe Elink Schuurman hosts Neil Crosby and first-time guest Jay Maroo. The episode covers the stalled US-Iran peace process, Hormuz transit at 10% of pre-crisis levels, Indian and Chinese product exports collapsing, Cushing approaching its 20 million barrel floor, and why crude, distillates, and gasoline all look too cheap.

(01:15) Sleepwalking into the inventory crisis

Lebanon complicates the Iran deal; Brent under $100 despite accelerating US commercial crude draws.

(06:00) Hormuz: 10% of pre-crisis flows

Jay Maroo: even a peace deal won't reopen flows quickly — Hormuz is a runway, not a field.

(10:29) India, Russia, China: the supply rescue fails

Indian exports at 4-year lows, Russian runs collapsing, Chinese product exports disappoint May expectations.

(14:39) Distillates: gas oil rallies, heating oil spreads lag

Kuwait airport attack lifts sentiment; heating oil spreads haven't followed — and may still be the trade.

(20:28) Crude: Cushing at 22 million barrels

Commercial draws hit 1 mbd last week; physical diffs in Europe cooling from unexpected crude inflows.

(26:57) Gasoline: at five-year mean, everything looks cheap

ARA cheapest into LatAm; demand destruction estimates rising to 5-6 mbd globally.