An extended U.S.-Iran ceasefire is the 'worst-case scenario' for energy: Rory Johnston

Rory Johnston, founder of Commodity Context, says an extension of the ceasefire between the U.S. and Iran constitutes kicking the can down the road as the pressure to resolve the oil crisis is lessened while stockpiles continue to depleted. He suggests that China is likely providing the supply that is currently supporting the physical oil market, but we will likely either see demand destruction or an immediate tightening of the market when China stops drawing from its reserves.