This morning, I joined @CNBC and @MorganLBrennan to discuss the latest moves in oil markets. My view is that while the market is in surplus today, that tells us nothing about tomorrow. Over the past three to four weeks, we’ve seen previously trapped crude pushed out through the Strait, and that supply is now hitting the market. That helps explain the recent move lower, but it’s a temporary dynamic rather than a shift in the broader balance. The market has likely overshot to the downside. At the same time, underlying conditions remain tight. Shipping risks persist, only limited lanes are operational, and flows are still constrained. There is also a growing disconnect in the system. We have surplus crude, but a shortage in refined products, with margins at extremely elevated levels. That is likely to drive refineries to increase runs to capture those returns. Inventories remain depleted, and in that kind of environment the system cannot adjust smoothly. It tends to move from small surpluses to tightness very quickly, driving significant volatility in both directions. I would view the current weakness as temporary rather than indicative of a more balanced market. Watch the full interview here: cnbc.com/video/2026/06/26/cu… Thanks again to the @Squawkstreet team for having me on.