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via seekingalpha.comMarkets

Tanker shortage creates new bottleneck in global oil market, says Vitol CEO

FROM THE WIRE · SEEKINGALPHA.COM

[Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.] SlavkoSereda/iStock via Getty Images The global energy crisis triggered by the Iran war has entered a new phase because of…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bullishTanker shortage is constraining crude transport from Middle East, supporting oil prices despite rising supply.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Vitol CEO Russell Hardy stated the global energy crisis has shifted from crude shortage to product shortage to now a shipping crisis.
  2. 02Approximately 12 million barrels per day of crude and 2 million barrels per day of products are constrained by tanker availability.
  3. 03Tanker charter rates have become 'pretty parabolic' and refineries are suffering from delivery delays.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
United States Oil Fund, LPUSOETF143.95 USD-0.78%today -0.66%Positive State Street Energy Select Sector SPDR ETFXLEETF63.10 USD-0.22%today -1.00%Positive Crude Oil WTICOMMODITY:WTICommodity88.91 USD-0.83%today -0.59%Positive Brent Crude Oil (continuous future)COMMODITY:BRENTCommodity100.79 USD-0.99%today +0.21%Positive
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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