The backdrop for August 21 is the same as before: the potential for disruptions from the Hormuz and Red Sea Straits keeps global oil and LNG supply disrupted, while increased U.S. crude oil and natural gas in storage mitigates the risk of a shortage at home. For now, Persian gulf security is totally in the hands of the U.S. and its allies. A pessimistic Hormuz scenario would see Iran closing the straits of Hormuz. There are also bullish fundamentals in the U.S., but in the opposite direction, as inventories ...