News Headlines:
OIL DAYBOOK EUROPE: Saudi Challenged in Asia by Cheaper Options (Bloomberg)
Saudi Arabia’s move to push up the cost of its oil in Asia may backfire as the U.S. and Russia offer more competitively priced alternatives and an outbreak of the delta virus variant in China damps demand.
Benchmark Oil Tanker Rates Slump to Lowest Since June 18 (Bloomberg)
Rates for hauling oil on the benchmark Middle East-to-China route dropped 0.2% to WS 31.41, the lowest rate since June 18. This equates to a daily loss of -$4,393, +$298 from Wednesday thanks to a fall in bunker fuel prices tracking Wednesday’s drop in crude oil prices as WTI is heading for the biggest weekly loss since October 2020.
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FIS Tankers Daily Report 2021-08-06
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