Something snapped in the oil market this week.
Buyers are now paying about eleven dollars MORE for a barrel delivered in September than one in December, a flip that only happens when somebody needs the fuel right now and doubts it will be there later.
Chris Martenson has tracked these signals for two decades, and he points past crude to what people actually burn.
Jet fuel in Rotterdam hit roughly $158 a barrel this week.
Diesel sat near $148.
American diesel and heating oil just printed their highest prices ever recorded.
Then came the move nobody could paper over.
Overnight trading, usually dead hours with thin volume, ran daytime-sized numbers as Brent punched through $100 and Treasury yields climbed right alongside it.
Traffic through Hormuz has collapsed to four or eight ships a day, down from 125 or more.
Saudi Arabia is rerouting crude to bypass its own backup route.
Empty tanks cannot be talked down, and the arithmetic runs out by September.
@chrismartenson
