"Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. The real extent of this state of misinformation is known only to those who are in situations to confront facts within their knowledge with the lies of the day. I really look with commiseration over the great body of my fellow citizens, who, reading newspapers, live and die in the belief that they have known something of what has been passing in the world." -- Thomas Jefferson

Bidgear ad

 

 

By Irina Slav of OilPrice.com

The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government.

A twin crisis is unfolding for the Biden administration as the US tax-payer-funded Ukrainian military bombs key crude refineries deep within Russian territory with suicide drones. The administration has pleaded with the Ukranians to halt strikes on Russian energy infrastructure as this will only contribute to tightening global supplies and push energy prices higher, as well as inflation in the US, hurting Biden's re-election odds. 

British military officials advised that Ukraine should focus on defense in its ground fight against Russia in the east while focusing on targeted strikes against Crimea and Russia’s Black Sea Fleet, The Sunday Times reported.

The advice was given when British Defense Secretary Grant Shapps and UK Army Chief Antony Radakin visited Ukraine last week. The British officials said rather than attacking, Ukrainian forces should hold the line and pull back to more favorable ground if necessary.

Oil prices hit a fresh four-month high as macro-economic data from China came in ahead of expectations, Iraq said it has reduced its oil exports for the coming months to absorb the oversupply from Jan. and Feb, while Ukrainian attacks on Russian refineries heightened geopolitical risks and reduced the amount of distilled product produced in Russia.

The investigative organisation Forensic Architecture has published a new study saying the Israeli military has "weaponised" humanitarian measures like "evacuation orders" and "safe zones" in Gaza, aiding in the widespread displacement of Palestinians.

 On Thursday, as flames from the Smokehouse Creek Fire raced east across the Texas Panhandle for the fourth consecutive day faster than a person could run, a cold front swept southward over the Great Plains, driving blizzards . In a primal collision, fire and ice met east of Amarillo, the swirling fragments joined, and then melted, turning the vast prairie fires into smoke and ash.


 

Remember when, in the immediate aftermath of the Ukraine war, Russian oil immediately traded down to a discount of as much as 30% below spot Brent as the entire western world suddenly found itself locked out of access to the most valuable Russian export (which also meant that China and India were the only natural buyers left) and the price of Russian oil had to reflect the explicit plunge in demand?