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What is 26-Mile Oil Tanker Glut Impacts Rates about?

There is currently a glut of over 26 miles worth of idled oil tankers stored in European waters. This glut is expected to lead to a 25% decline in freight rates for supertankers next year. The large number of tankers in storage is due to traders booking tankers to store crude oil and profit from differences in futures contract prices. However, the spread between futures contracts has tightened, making storage less profitable. As a result, about 26% of the crude currently in storage on tankers is expected to

Author

woigaduh

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EN