Growing US, Canada Crude and Fuel Surplus - When the December 2026 (Dec26) WTI crude future started trading in 2017, the US and Canada had a supply-demand deficit near 1 million barrels a day (MMb/d). Now it's a roughly 7 MMb/d surplus. The closing of the Strait of Hormuz spiked Dec26 to $81 a barrel on March 23 -- a life-of-contract high -- vs. its mode near $53. Dec26 shifts to front-month in October and is at about $74 on March 25. Will it rise toward $100 or revert to its mode? Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tci428kgzais {BI COMD} #crudeoil @BBGIntelligence(Mike McGlone)