Tankers had a relatively consistent month. Crude oil in May remained stable, and so did the price at around 60$ per barrel. Crude oil products continue to do well and have done for a long period. In may products were 49% higher than they were this time last year. LNG fell 1% and LPG fell 3%, but overall, in the collective group of tankers, were 1% higher in May than in April.
Of the oil products, gasoline performed the strongest. In May, they carried 22 million tonnes, which is the highest volume in a long period – higher than any other point in the last year. Jet fuel was also on the increase, with 6 million tonnes transported, again coming back considerably stronger. This is side of trade is building, likely due to lockdown measures easing and stocks beginning to run low again.
Gasoline improvements were spread across most countries, USA had exceptionally high imports. Mexico and Nigeria are also showing high levels of trade. There appears to be a good spread of trade across all key tanker producers.