Project Description
Summary:
The oil price soared in October to nearly $84 and as a result the tanker market remain fairly flat. There was no growth in crude oil yet it is still 4% ahead of this time last year. Iraqi export volumes
grew by 1 million tonnes while USA exports fell back by 1.2 million tonnes .
Oil products only gained 3% and there was advances of 2 million tonnes in Gas oil and 3 million tonnes in gasoline. These were both the result of a strengthening US market.
LNG is strengthening by only 1% constrained by supply as prices were over an eye watering 6USD/MMBtu. Most of the extra gains came from Russia. Japan seemed to do well in the bidding war as their volumes went from 4.8 million tonnes to 5.7 million tonnes in October.