Gas prices 2019 and beyond

Tanker Glut Signals 25% Slump In Freight Rates This Year

Photographer: Tim Rue/Bloomberg
By
Alex Longley
August 17, 2022 at 11:31 AM EDT



CL1
WTI Crude
87.90
USD/bbl.
+1.37+1.58%


Giant supertankers that haul crude oil across the globe are making the most money in more than two years, buoyed by swelling shipments from the US and the Middle East.
Benchmark earnings for very large crude carriers neared $40,000 a day on Wednesday to hit the highest level since June 2020. Assessments in the industry-standard Worldscale system have jumped almost 40% in a little over a week. Shipowners said the spike was due to an uptick in loadings from the Middle East and the US Gulf.

While demand for tankers collapsed when producers cut output early in the pandemic, record US crude exports and a ramp-up in flows from the Organization of Petroleum Exporting Countries are once again boosting volumes of oil at sea. In addition, redirection of Russian crude flows has upended trade routes and lengthened journeys, further stretching the global fleet.
“We now see frenetic activity in all key basins and rates are moving up quickly,” said Lars Barstad, chief executive officer of Frontline Management AS, which runs the ships of one of the world’s largest tanker companies.
 
at a sunoco gas station in melboune i paid today 3.44 ,, its getting there :p:LOL:;),,,,,,,,,,,,,,,,,,,,,, ><)))):>
><)))):>
 

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