Three Calendars Just Synced. All of Them Break Trump.
Hurricane season opens today. Summer driving demand is climbing toward the July 4 peak. OPEC+ meets in six days. Each of those calendars is normally managed by a buffer of spare crude, full strategic stocks, and a stable refinery fleet. In June 2026, every one of those buffers is severely depleted. The IEA puts Middle East spare capacity at a record-low 320,000 barrels a day. The SPR has been drawn by 17.5 million barrels since March. Saudi Arabia's OPEC quota for June is 10.291 million barrels per day. Its actual March production was 7.76 million. The shock absorbers are running on fumes before the demand season starts.