News Headlines:
OIL DAYBOOK EUROPE: OPEC+ Powerless to Ease Crisis; U.S. Demand (Bloomberg)
Saudi Arabia said any extra oil from OPEC+ would do little to bring down surging natural-gas prices. “We see our role as extremely limited,” Saudi Energy Minister Prince Abdulaziz bin Salman said during the ERA Week India Energy Forum on Wednesday.
* OIL FUTURES: Oil Steadies Near 7-Year High After Surprise Drop in Stockpiles
Oil Tanker Rates Jump on Weather Delays and Stronger Demand
The cost of hiring an oil tanker to sail on multiple routes has surged in recent days, according to data from the Baltic Exchange.
* TC2 route, from U.K. Cont. to the U.S. Atlantic coast, often used for cargoes of gasoline, gained 30% in the last week to WS 130 on Tuesday, its highest since Sept. 1
** Shortage of ships for loading on TC2 route in the next week or so, said Richard Matthews, head of research at E.A. Gibson Shipbrokers
** “But after that, there’s quite a lot of supply coming in, with many ships arriving from other regions”, he said
* Some other clean tanker rates have also jumped:
** The TC6 Cross-Med route gained 49% w/w on Friday to WS 182.50, before paring some of its gains
*** A lot of the rate increase on this route is driven by poor weather, Matthews said
** The TC5 Middle East to Japan route rose 25% w/w on Friday to WS 125, also before paring some of its gains
* Rates on some routes for tankers hauling dirty cargoes have also risen
** The benchmark crude tanker rate for the Middle East to China route has continued its upward climb, hitting its highest since Jan. 5 on Tuesday, equating to earnings of $372/day
** The TD20 West Africa to U.K. Cont. route rose by 6.1% d/d on Tuesday to its highest since March
** The TD6 Black Sea to Mediterranean route jumped by 3.8% on Tuesday, also to its highest since March
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FIS Tankers Daily Report 2021-10-21
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