The real energy shock unleashed by the de facto closure of the Strait of Hormuz for the past month is now beginning to make an impact as the last tankers to have passed through the chokepoint pre-conflict arrive at their destinations. The supply shock is therefore moving from spreadsheets to tangible reality, and there will be more upwards pressure on prices as onshore inventory drawdowns accelerate.
Dated Brent hit an 18-year high of $141.26/B on 2 April according to General Index assessments, a $32/B premium to ICE Brent futures as physical markets continue to reflect the scale of the supply shock the most. (CONTINUED - 1113 WORDS)
