The Archive
Every issue of Crude, in one place.
The full Crude archive. Every weekly issue of rigorous energy market analysis, freely readable. Subscribe to receive each new issue on Monday at market open.
Issue 03
The Market Priced a Deal. Trump Did Not Sign It.
Brent at $92 prices the best case. The best case has not happened.
Jun 1, 2026
Issue 02
Oil Is Near $104. The Demand to Justify It Is Already Gone.
The supply shock has a shorter shelf life. Demand was already falling before Hormuz reopens.
May 25, 2026
Issue 01
The Deficit Outlasts Any Deal
Depleted inventories mean high prices outlast any ceasefire. The math does not forgive.
May 18, 2026
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