Supertanker Prices Spike By Nearly 678% On Oil Market War And Storage Plays [Forbes]
Phillips 66 (PSX)
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Source: Forbes
Despite a sobering week for the global crude oil market as the coronavirus or Covid-19 outbreak strangles the global economy, shipping rates for supertankers or very large crude carriers (VLCCs) - capable of shifting 2 million barrels – have gone through roof. At 15:26 EDT on Thursday (March 12), Brent front-month contract was down 7.60% or $2.72 to $33.07 per barrel while the West Texas Intermediate was down 4.73% or $1.56 to $31.42 per barrel. Both benchmarks were on average over 50% below their January peak, oil shippers are seeing a remarkable reversal from having to contend with serious headwinds as recently as the first week of February. Sources at Texas and Louisiana say lease rates for VLCCs are jumping on a "near daily basis", while shipping brokerage contacts in Singapore and Rotterdam say the scramble is on for a slice of a finite global fleet. Today In: Fed Injects $1.5 Trillion To Prop Up Crashing Trump Says ‘ Are Going To Be Just Fine,’ Even As Dow Nears Worst Drop Sin
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- 4/22/24 - Form PX14A6G
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