The Commodity Compass

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Episode 6: Escape, Not Trade
2,143 crossings of Hormuz, and not one month of net vessel inflow. There is no round schedule to normalise commodity flows out of the Strait.
Jul 26

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Episode 5: Running on Empty - The Russian Endgame Is Here to Stay
What happens inside Russia won't stay inside Russia
Jul 14
Episode 4: The Emperor Has No Clothes — A 65-Year Audit of OPEC
Why the UAE walked out, and why oil markets will barely notice
May 25 • Alexander Stahel
Episode 3: The Fog of Peace
Is the Strait of Hormuz open, or is it not?
Apr 17 • Alexander Stahel
Episode 2: Crude Quality Matters
Without a Fully Reopened Strait, Asia Lacks the Crude Needed for Distillates
Apr 14
Episode 1: The Persian Trap
Retaking the Strait of Hormuz Will Prove Difficult
Apr 12
A Crude Awakening: Executive Summary
Why re-opening the Strait is unavoidable and will take time. A multi-episode deep dive into oil balances, crude quality, vessel traffic, demand…
Apr 7
EU Natural Gas Deep Dive: Cheap Gas, Fragile System
Europe’s Post-Gazprom Energy Regime Needs Further Repair
Feb 15 • Alexander Stahel
The Commodity Compass
The Commodity Compass
Independent in-depth research, unearthing commodity truths. Value-based fundamental investment approach. Sticking strictly to our circle of competence. Obsessed with data and company fundamentals.
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