Trump's Been Successful in Talking Down The 'Oil Markets' Says Kloza

Summary

Tom Kloza, Chief Energy Advisor for Gulf Oil, argues that refined product prices, particularly diesel, will surge due to severe supply disruptions from Russian refinery drone strikes and global capacity constraints. He recommends owning US refiners as the best investment to capture record margins. Crude oil, by contrast, faces a near-term glut from SPR sales and less upside.

• Refined products, especially diesel, face a supply crunch from Russian refinery losses.
• US refiners are poised for spectacular earnings amid historic refining margins.
• Crude oil may see a temporary mini glut due to SPR releases, then tighten.
• Speculative money is afraid to be long crude because of presidential rhetoric.
• Diesel could spike and hurt transportation sectors later this year.
• The US is the 'cleanest dirty shirt' in global product supply.
• Pipeline opportunities are less attractive compared to outright refiner exposure.