Rory Johnston
TOTAL Middle East oil loading is up slightly but still at less than half of pre-war levels thanks to the split fortunes of the Gulf and Red Sea. Gulf loadings have climbed back to ~7 MMbpd on a 10dma basis, up from ~5 MMbpd in early August and down from the ~10 MMbpd peak during the post-MOU breakout. This is directionally in line with White House claims. But, at the same time, Red Sea loadings have collapsed, with some of those Saudi flows having been rerouted back to the Gulf.
