The conversation covers several key topics:

● Sanctions and Their Impact: How expanded U.S. sanctions on Russia and Iran have influenced market sentiment and volatility.

● The “Dark Fleet” and Sanctions Evasion: The role of ship-to-ship transfers in circumventing restrictions and how enforcement could tighten.

● OPEC’s Response: Whether OPEC will increase production in response to U.S. pressure and how that could impact pricing.

● Canada’s Oil Tariffs: The potential effects of new tariffs on U.S.-Canada crude flows and regional fuel prices.

● Refining Capacity and Inventory Trends: How refinery disruptions and seasonal trends are affecting U.S. petroleum inventories.

● Market Positioning and Price Risks: What CFTC data reveals about hedge fund and commercial trader positioning, and the potential risks ahead.