Trust Is Not Granted, It Is Earned

 A geopolitical game of “Yes I did” and “No, you didn’t” seems to be playing out in the news and fuel markets. It is amazing to me that we have gotten to the point where facts have become optional. Both Iranian and Houthis forces report of strikes against ships in the Strait and Saudi Oil Fields, although nothing gets confirmed. It is still enough to rattle market participants. Intraday swings from high to low have been in the $.20 range for a while now. Diesel demand still remains about 3% less than last year. In “normal” times that would be more than enough to cause demand destruction on pricing. On the Russian- Ukraine front it appeared some progress was being made with Russia resuming some diesel exports and both sides hinting at a stalemate and letting boundaries be drawn where they lay. Lets face it, there will be no relief in the market until an Iranian deal is made. No tax holiday, import-export shift, or piece of legislation will solve our problem. The underlying problem is all parties involved don’t trust one another to do what they say. Unfortunately, there is some truth to it on all sides. Trust is not granted, it is earned. At DKB, it is an integral part of our what we do. We work hard every day to give you the reason to believe it.