Oil prices remain volatile as ceasefire headlines collide with a still-closed Strait of Hormuz. In this episode of Focus on Fuels, StoneX energy experts Alex Hodes and Trevor McClanahan analyze the latest oil market developments and what they mean for crude and diesel pricing. They discuss how conflicting signals around U.S.–Iran negotiations are impacting market sentiment, why physical oil flows remain constrained, and how a prolonged disruption is influencing global supply and demand. The epis...
Apr 09, 2026•22 min•Ep. 22
In this episode of Focus on Fuels, StoneX energy experts Alex Hodes and Trevor McClanahan examine the impact of ongoing geopolitical tensions on global oil markets. With the Strait of Hormuz effectively closed and supply disruptions mounting, they break down what a multi-million barrel per day deficit means for crude and diesel pricing. The discussion explores competing market scenarios, including the potential for a toll system to restore flows versus the risk of further escalation and direct m...
Apr 02, 2026•37 min•Ep. 21
In this episode of Focus on Fuels, StoneX energy experts Alex Hodes and Trevor McClanahan examine the latest moves in crude and refined product markets. They discuss current price trends, shifting supply dynamics, and what’s driving volatility across the complex. The conversation highlights ongoing constraints in global refining capacity, regional supply disruptions, and how these factors are shaping diesel markets. Hodes and McClanahan also break down key demand signals, including seasonal shif...
Mar 26, 2026•39 min•Ep. 1
In this breaking news episode of Focus on Fuels, Alex Hodes and Trevor McClanahan of the StoneX Energy Desk spotlight the sharp rise in oil and diesel prices following renewed geopolitical tensions involving Iran. They break down what triggered the sudden rally, including political developments, market positioning, and the role of headline-driven and algorithmic trading. The episode examines whether recent price moves are supported by fundamentals, with a close look at Iranian crude exports, sup...
Jan 16, 2026•17 min•Ep. 19
In this episode of Focus on Fuels, Alex Hodes and Trevor McClanahan of the StoneX Energy Desk analyze why crude oil prices rallied at the start of 2026, even as the broader fundamental outlook remains bearish. They examine recent political changes in Venezuela, shifts in global crude exports, and how technical factors and economic data contributed to a sudden move higher in prices. The discussion also explores ongoing risks tied to Russia, Iran, and OPEC policy, and why those uncertainties conti...
Jan 12, 2026•26 min•Ep. 18
In this episode of Focus on Fuels, Alex Hodes and Trevor McClanahan from the StoneX Energy Desk break down the recent decline in diesel prices and what it signals for fuel markets heading into 2026. They discuss how refinery restarts and seasonal demand shifts are rebuilding supply, what the flattening forward curve reveals about market expectations, and why inventories remain a key factor despite recent price weakness. The conversation also covers geopolitical developments involving Russia, Ven...
Dec 29, 2025•35 min•Ep. 17
With diesel experiencing a 15 cent spike in price at recording time, hosts Alex Hodes and Trevor McClanahan discuss if this latest round of volatility is caused by a short supply squeeze or if fundamental factors might be at play. In this episode of Focus on Fuels, they dig into diesel: supply woes, volatility vs. crude market stability, and what’s coming in the foreseeable future. Topics discussed include: • Expect continued volatility and an inverted market • Crude continues to hover around $6...
Nov 26, 2025•32 min•Ep. 16
Hosts Alex Hodes and Trevor McClanahan break down a volatile week in energy markets as crude oil falls to the upper $50s. They discuss the impact of refinery maintenance in Europe, Russia’s diesel export cuts, and China’s shifting buying patterns. The conversation also covers U.S. diesel inventories, heating oil demand heading into winter, and OPEC’s next supply moves. Gain timely insights into what energy buyers should watch as supply pressures and seasonal demand collide.
Oct 03, 2025•26 min•Ep. 15
With the Fed delivering a 25-point rate cut and signaling more ahead, hosts Alex Hodes and Trevor McClanahan unpack how monetary policy is shaping the energy market’s near-term direction. In this episode of Focus on Fuels, they break down rising diesel inventories, sluggish U.S. crude production, and why refined products – not crude – are leading price action right now. The conversation spans: Market response to Fed cuts and soft labor data Oil supply surplus expectations for late 2025 Impact of...
Sep 25, 2025•24 min•Ep. 14
Crude oil markets are under pressure as OPEC adds supply and headlines drive volatility. In this episode of Focus on Fuels, Alex Hodes and Trevor McClanahan discuss how Indian sanctions, seasonal diesel demand, and fall refinery activity are shaping price action. Plus: StoneX Chief Commodities Economist Arlan Suderman joins to assess the ag outlook and what it means for propane and diesel demand.
Sep 02, 2025•28 min•Ep. 13
EU sanctions on Russian-linked refiners just shook up the diesel market – and propane may be next. StoneX’s Alex Hodes and Trevor McClanahan unpack the latest supply shocks, hedge fund positioning, and inventory risks. With fall harvest and tariff deadlines ahead, now’s the time to review your hedging playbook. For market updates, email FocusOnFuels@stonex.com or visit stonex.com.
Jul 28, 2025•30 min•Ep. 12
Crude prices stabilize, diesel inventories hit 15-year lows, and propane builds. What does it all mean for your energy strategy? In this episode of Focus on Fuels, StoneX’s Alex Hodes and Trevor McClanahan break down the latest market drivers, including OPEC production trends, refinery dynamics, and key hedging signals.
Jul 08, 2025•26 min•Ep. 11
Join Trevor McClanahan as he explores the oil market’s response to Israel’s recent strikes on Iranian energy infrastructure. He and Alex Hodes examine key fundamentals including potential disruptions to Kharg Island exports, the threat of a Strait of Hormuz closure, and implications for refined products like diesel and propane. Like and subscribe for more financial market insights.
Jun 19, 2025•28 min•Ep. 10
Nashville Hedge School takeaways · Refinery outages and diesel time spreads · China’s tariffs and throughput declines · OPEC’s political recalibration · Flatlining U.S. shale production · Summer gasoline demand signals
May 21, 2025•26 min•Ep. 9
Kazakhstan's non-compliance with OPEC quotas could trigger internal discord and a potential price war. StoneX expects a strong floor around $60 per barrel, but market upside remains limited without a clear catalyst. U.S. energy policy, tariffs, and sanctions on Iran and Venezuela add headline-driven volatility to the mix.
Apr 29, 2025•26 min•Ep. 8
• Tariff volatility is disrupting markets, but fundamentals remain steady. The recent selloff in oil prices is driven more by headline anxiety than long-term structural shifts in demand or supply. • Diesel demand holds while gasoline weakens. While gasoline demand has shown early signs of softening, diesel consumption remains above last year’s levels, pointing to a more stable industrial and freight environment. • Supply response may set the floor. With U.S. shale breakevens near $65 per barrel,...
Apr 14, 2025•31 min•Ep. 7
• Propane’s Evolution into a Global Commodity How the U.S. propane market shifted from domestic heating fuel to a key export product tied to global demand and crude oil benchmarks. • Why Prices Are Up in the Middle of Winter Analysis of the factors behind firm Conway and Belvieu prices, including weather-driven demand and unplanned outages at Gulf Coast facilities. • The Export Pull and Asia’s Influence A look at international propane flows, especially China’s appetite for feedstocks and how tha...
Apr 04, 2025•40 min•Ep. 6
• Tariff Uncertainty and Market Sentiment: Including the potential for proposed U.S. tariffs on North American metals to disrupt energy supply chains • Sanctions and the “Dark Fleet”: How Russia and Iran continue to move oil despite sanctions, and whether U.S. enforcement will tighten • OPEC’s Production Strategy: What the latest production announcements mean for crude prices and whether OPEC will adjust its approach • Natural Gas and LNG Expansion: Why natural gas prices are holding up despite ...
Mar 18, 2025•22 min•Ep. 5
The conversation covers several key topics: ● Sanctions and Their Impact: How expanded U.S. sanctions on Russia and Iran have influenced market sentiment and volatility. ● The “Dark Fleet” and Sanctions Evasion: The role of ship-to-ship transfers in circumventing restrictions and how enforcement could tighten. ● OPEC’s Response: Whether OPEC will increase production in response to U.S. pressure and how that could impact pricing. ● Canada’s Oil Tariffs: The potential effects of new tariffs on U.S...
Feb 13, 2025•27 min•Ep. 4
The conversation covers several key topics: ● The Impact of Geopolitical Tensions: Sanctions, Iranian crude exports, and China's critical role in determining global market flows. ● How weather, OPEC production cuts, and the dynamic relationship between crude and refined product prices are driving trends. ● Potential Policy Shifts Under the Trump Administration, what "drill baby drill" and proposed infrastructure development could mean for energy markets and pricing in the coming year. ● Strategi...
Jan 14, 2025•30 min•Ep. 3
The global energy market is undergoing significant changes, with geopolitics taking center stage. In this episode, hosts Alex Hodes and Trevor McClanahan delve into the impact of the recent U.S. election on oil markets and energy policy. They assess the potential effects of the Trump administration's "drill baby drill" stance, explore OPEC's production strategy, and highlight Iran's critical role in global crude oil supply. Alex and Trevor also cover how geopolitical tensions shape market sentim...
Nov 25, 2024•21 min•Ep. 2
Join Alex Hodes, Director of Market Strategy - Energy, and Trevor McClanahan, Risk Manager, as they dive deep into the latest dynamics in the petroleum markets and how global events shape energy risk. Special guest Joe Zhu, Project Manager at StoneX, provides insights into China’s recent stimulus measures and their potential impact on global supply and demand in both the short and long term. From crude oil to refined products, the discussion also tackles macroeconomic factors influencing pricing...
Oct 30, 2024•32 min•Ep. 1
