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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FREIGHT
Crude tanker freight rates could garner support from non-OPEC+ production during the summer and into Q4 from the planned easing of OPEC+ cuts, according to Platts.
- The recent bearishness in crude points to a higher crude tanker demand, supported by the unwinding of production cuts, particularly for VLCCs in the East in Q4. However, the effect could be marginal, Platts added.
- Prior to any increased OPEC+ production, noticeable impetus in the segment has recently come from non-OPEC+ supply, namely the US, Guyana, and Canada.
- This has led to increased long-haul exports such as US-Asia, utilising VLCC capacity and boosting freight rates.
- The start-up of Nigeria’s 650k b/d Dangote refinery has started to create new Atlantic basin trade routes, pulling WTI from the US to WAF.
- In May, VLCC routes from the USGC rose steadily to reach a three-month high.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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