The Oil Market Is Ignoring a Record Crisis, Rory Johnston Warns

Recorded on May 28 2026 at NRS Studios Andy Millette sits down with Rory Johnston of Commodity Context for a data-driven breakdown of the oil market, the Strait of Hormuz crisis, and why crude prices may be failing to reflect the physical drawdown happening underneath the surface. Rory explains why he moved from bearish to bullish, how OPEC’s prior supply strategy created a very different setup before Hormuz, and why the market’s calm may be underestimating record inventory draws. The conversation covers Brent crude, China’s import collapse, hidden stockpiles, strategic petroleum reserves, non-OPEC supply growth, shale economics, Canada, Guyana, Argentina, Brazil,…