- A drop in cargo supply has pushed clean tanker freight down to 61%.
- Refineries have slowed throughput and oil product demand is low.
- Arbitrage opportunity for USGC in Northwest Europe closed at minus $1.12/b.
- USGC is taking in fewer barrels or even exporting diesel and gasoline to other regions.
- Oil product exports decreased by 19% and gasoline exports witnessed a 41% drop.
- Distillate exports dropped almost 30% and distillate imports increased by almost 43%.
According to an article published...
https://mfame.guru/freight-rates-decline-by-61-due-to-supply-drop-and-low-demand/