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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.
OIL
Oil and oil product volumes diverting around the Cape of Good Hope according to Vortexa figures from December 16 until end of last week (see chart).
- Tanker freight rates for routes involving transit via the Red Sea have surged m/m according to Vortexa. The increase on CPP freight routes (TC8 and TC20, 60% m/m) versus their crude tanker counterparts (TD23, 25% m/m).
- The tankers that are diverting are predominantly the ones chartered from companies announcing diversions as well as the ones operated from US and Israel-linked entities. These numbers remain limited. 19 diverted Southbound and 13 Northbound at the end of last week since mid-December.
Source: Vortexa
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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