About this episode

Oil analyst Rory Johnston discusses recent developments in the oil market, including China's demand and the implications of a potential Iran deal.

Oil analyst Rory Johnston joins to unpack a wild three months in the oil market, as an Iran deal is on the cusp of being signed and Brent bounces around. Rory walks through what actually moved the market, why prices underreacted to a major supply shock, and what it all means looking forward. • China’s import collapse: the biggest surprise of the crisis • How jawboning and volatility crushed bullish trader positioning • Backwardation vs contango, and what the curve signals • Why the outlook now looks structurally bearish Rory Johnston Socials: X: https://x.com/Rory_Johnston LinkedIn: https://www.linkedin.com/in/rorysjjohnston/ …………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ : one daily email with all the news that matters in mining …………… TIMESTAMPS (0:00) Intro (6:10) China Demand Shock (14:10) Why China Stepped Back (21:20) Big Lessons for Oil (28:00) Next Months and Hormuz Risk (36:50) Niche Supply Chain Ripples (41:40) Producers and Supermajors Outlook …………… PARTNERS…

More episodes of Money of Mine

• Here Comes the Scandium Supercycle (Koala) · July 17, 2026 · 38 min
• Is It Too Late to Break China's Minerals Grip? (Henry Sanderson) · July 14, 2026 · 47 min
• Why Small Caps Are Trading Too Cheap (Matt Griffin) · July 10, 2026 · 52 min
• The Battle for Leonora’s Final Act · July 7, 2026 · 29 min
• Discovery, Luck and the Thrill of the Chase (Mark Bennett) · July 3, 2026 · 1h 15m
• From Boom to Bust and Back (Ken Brinsden) · June 30, 2026 · 1h 36m

Explore listener stats, chart rankings, contacts and more on the Money of Mine podcast page.