Gulf Intelligence Podcasts PODCAST: Daily Energy Markets - Feb 2nd
Feb 2, 2026
Victor Yang, senior analyst on China refining and demand trends. Laury Haytayan, MENA director focused on regional politics and energy governance. Omar Najee, derivatives trader tracking oil price drivers. They discuss fading market reactions to US‑Iran headlines, China’s weak refinery margins and muted stockpiling, geopolitical risks around Iran and regional strategies, and technical signs pointing to higher oil.
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Bullish View Backed By Policy And Positioning
- Omar Najee expects prices to trend higher driven by geopolitics, Fed easing and short-covering dynamics.
- He dismisses the Fed chair narrative as window dressing and expects eventual aggressive rate cuts under Trump pressure.
Favor Calculated Over Chaotic Regime Change
- Laury Haytayan urges calibrated regional approaches rather than chaotic regime change when considering Iran.
- She suggests controlled transitions or Venezuela-style adjustments to avoid widespread destabilization.
Cheap Crude, Poor Refinery Margins
- Victor Yang says Chinese refiners are reluctant to build inventories because product margins are weak despite crude appearing cheap.
- Weaker margins and limited access to discounted Venezuelan/ Iranian barrels are reducing run-rates and demand for imports.