Where Does Spare Capacity Live Now?

[Pallas_Boreas]

I spent the week inside the three ledgers of August — J.P. Morgan's farewell Oil Weekly, the EIA's revised outlook, and the OPEC report that landed today— chasing one question:

How did the largest supply shock on record, 12.6 million barrels a day of Gulf crude gone, clear at eighty-five dollars in the year the official spare-capacity gauge printed 0.45?

The answer the file gives is a relocation, not a rescue.

Link: https://substack.com/home/post/p-210872237