ING analysts Warren Patterson and Ewa Manthey say oil prices have eased even as
vessel-tracking shows a slight uptick in tanker transits through the Strait of
Hormuz. US Energy Secretary said about 13 mln bpd is leaving the Persian Gulf,
roughly half via the strait and half via pipelines bypassing it. The US appears
to have ruled out further SPR releases after the current 172 mln-barrel program;
SPR stocks are just below 308 mln barrels, heightening concern about remaining
drawdown capacity above the operational minimum. Middle-distillate markets are
expected to stay tight after Russia extended its diesel export ban to Sept 1;
Russia was the world’s second-largest diesel exporter, averaging more than 700k
bpd in 2025.
