Yesterday’s post by Tim Watkins:

When the last of the tankers from the Gulf unloads its cargo – sometime in the next week – Europe will have just days before its worst ever fuel shortages occur. This can be cushioned to some extent – and at great cost – by competing for additional supplies from non-Gulf producers – although Asian states will likely outbid Europe – and by further releases from the strategic reserve. But this will barely mitigate what is coming.