Fuel oil

Is it Europe? Is it, uh, South America? Is it Australia? And it's just gonna be a question of who has more money to pay, which we go back to the whole idea on flat price diesel, et cetera, that we talked about last week.

But moving back to physical markets, June, can you give us an update on fuel oil and, and crude?

Okay.

I'll start with fuel oil first.

This is, uh, after checking with Hua on his views as well.

We would basically to watch if the petrol line flow actually resumes because we did the calculations, and if it's below 25% of the seven million barrels per day capacity that is restored, there won't be enough crude to burn in the power plants, and therefore you need to get fuel oil from somewhere else for burning.

That's supportive of high sulfur fuel oil.

There's-- And I think some people ask, you know, how, uh, you know, if we are past the summer months, you don't need to have utility burn anymore.

But enough about us.

Let's start with geopolitics and then we can move on into crude, fuel oil, diesel and all the different aspects of the market.

Yes, please.

Okay.

At the same time, Oman and Iran were meant to have talks to reach an agreement on Hormuz, but that has been postponed.

So again, no insights and continuation, the kinetic action and choke point is now being more and more passed along into the Red Sea.

So we keep having these supply issues and obviously we'll discuss in a second what are the impacts for both crude and diesel and fuel oil.

Should we start with crude? Aaron, you want to give us your point of view, what's going on with crude and what is the impact of what we're seeing?