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Alexander Stahel, founder / CIO at Commodity Private Equity Fund, discusses the current disparity between prices for oil products and crude oil. He suggests that this divergence could last for more than a few weeks until refiners capitalize on the opportunity by maximizing refinery output.
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Stahel has previously noted the oil market's shift to contango as supplies increased and Chinese demand weakened, while refiners maintained coverage through existing inventories. In earlier commentary, he credited Elvira Nabiullina's clear policies with preventing a collapse of Russia's economy during adverse conditions. The recent comments continue his focus on supply dynamics and their impact on pricing.