There appears to be positive momentum in the tanker market, with crude oil prices remaining at relatively high levels, currently 7.7% ahead of April last year. Oil products are experiencing even stronger growth, while the LNG market has remained steady over the past few months. This sustained activity suggests robust demand across various segments of the energy market.
The International Energy Agency (IEA) recently released their long-term forecast, indicating positive growth for the next two years, though not as strong as the projections made by OPEC. According to the IEA, growth is expected to plateau past 2026. In contrast, OPEC maintains a more optimistic outlook, believing there are still significant growth opportunities for oil despite ongoing decarbonization efforts.
The chemical market faced challenges at the beginning of the year, but recent months have seen promising increases in methanol and ethylene glycol. These upticks signal potential recovery and growth in this sector. However, the vegetable oil market has slightly underperformed compared to last year, primarily due to a decline in the palm oil trade. This downturn in palm oil is a key factor contributing to the overall decrease in vegetable oil numbers.