Commodities supply tightness continues despite smaller deficits, Rory Johnston notes

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13.09.2026

Commodities supply tightness continues despite smaller deficits, Rory Johnston notes — Commodities deficits persist until surplus forms

Rory Johnston highlights that commodities markets experiencing acute supply deficits will remain tight until a genuine surplus is achieved.

He emphasizes that while a reduction in the size of the deficit may bring some relief, it does not address the underlying issue, only slowing its progression. Johnston also points to ongoing risks related to the Strait of Hormuz still needing to remain open.

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Johnston has recently tracked record-high diesel crack spreads, which have pushed U.S. diesel prices to levels matching Brent crude, as noted in his market commentary. He also reported the U.S. diesel crack spread versus Brent neared $100 per barrel, approaching an all-time daily high in a previous update. These moves reflect persistent tightness across key energy markets.

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