A major fire at Australia’s Geelong refinery threatens 10% of the country’s oil output as the Iran conflict continues to roil global energy markets. Crude oil hitting $90 by June 30 is at 0% YES, with no current market on the contract.
Market performance
The fire adds to the tensions in the Iran-United States war, which has already closed the Strait of Hormuz. Lack of commercial services in Crude Oil Price Forecast for End of June The market shows traders do not have prices in the results of the fire yet.
The S&P 500 Movement on April 15 market and price on
Why is it important?
The S&P 500 market saw $114,324 in USDC traded the previous day. The biggest price move was a massive 22-point drop at 12:02 PM. Traders seem to be paying more attention to market signals than direct fire.
The Geelong refinery plays a major role in Australia’s oil production. With the Strait of Hormuz already closed, any further disruptions reduce the margin for error in global oil flows.
For you to see
At 0¢, a share of YES hitting a ridiculous $90 by June will pay $1, a 10x return if things get worse. Without an increase in the market, this is just a fantasy.
See statements from OPEC+ or the US Energy Information Administration. Any change in the oil forecast can quickly change the current market.
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