You would think that a $.60 price drop in the last week would have us excited, but this is now roughly the fourth time we have retreated from a record high on peace news. Although what is interesting is that this most recent drop has come over 5 sessions, over a holiday week, and not a massive drop off a soundbite. To add, it doesn’t appear that any concrete plans have emerged and fighting within the Iranian delegation may prolong any lasting truce. On the bright side, ship traffic through the Strait is roughly 43% of normal, seeing about 25 vessel pass in the last 24 hours. My aluminum hat wearing side thinks this is likely what the US wants. Let Iran self-destruct and quietly return to normal. This coming from a guy who still can’t figure out how to hang up a call on an iPhone.
Again, any return to normal, whatever that is, will take time and there will be bumps along the way. Diesel still sits about $1.50 more than 90 days ago, gasoline about $1. A lot of folks are looking at ways to deal with the increased costs, if adding tank space is in your plan, remember there are regulations to abide by, and we can assist in that discussion.