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Energy market fundamentals
Reference guides for the concepts behind every brief and signal on this site. Written for traders who want to know what the data actually means — not investing advice, not opinion, just the mechanics.
How to read the Brent-WTI spread
The Brent-WTI spread is the cleanest single read on global crude balance. What it means, what moves it, and how to use it in a trading decision.
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What floating storage tells oil traders
Laden tankers sitting at anchor are crude that nobody wants right now. When the count rises, contango is structural. When it falls, the market is tightening.
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The Strait of Hormuz: anatomy of the world's most important oil chokepoint
Twenty percent of global oil and twenty-five percent of LNG transits a 33-mile-wide strait between Iran and Oman. What happens at Hormuz moves Brent, period.
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AIS data 101 for traders
Every commercial vessel broadcasts its position. That signal is the closest thing to ground truth in physical commodity markets. Here's what it actually shows you.
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Reading the 3-2-1 crack spread
The crack spread is a refiner's gross margin. When it widens, refiners run flat-out. When it compresses, they cut runs and crude inventories build. It's a leading indicator.
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Free reference content. More guides shipping regularly.