News Headlines:
OIL DAYBOOK EUROPE: U.S. Demand Surges to New Heights; EIA Data (Bloomberg)
U.S. oil demand has soared to new heights as the nation rebounds from the pandemic, with gasoline and diesel consumption returning to pre-virus levels. A surge in petroleum use for products such as plastic, asphalt, lubricants and other industrial needs is also propelling the recovery.
Oil Tanker Owner Sees Decades-Long Future in Moving Crude by Sea (Bloomberg)
Food for thought for anyone hoping that the fight against climate change will all but end fossil fuel burning by the middle of this century: an oil tanker company is making the opposite calculation. By the end of 2024, Euronav NV will take delivery of eight new carriers at a total cost of about $600 million. Between them, the ships will be able to haul enough crude to meet about three quarters of Europe’s daily pre-pandemic consumption with the vessels likely to be operating for at least 20 years, the orders offer a glimpse of Euronav’s analysis of the future of oil consumption
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FIS Tankers Daily Report 2021-07-14
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