News Headlines:
OIL DAYBOOK EUROPE: ConocoPhillips Demand Optimism; OPEC+ Supply (Bloomberg)
ConocoPhillips sees oil demand returning to pre-pandemic levels by early next year as crude consumption rises around the world, supporting higher commodity prices, Chief Executive Officer Ryan Lance said. Oil supply, on the other hand, will remain constrained, he said.
* OIL FUTURES: Oil Rallies as Report Shows Big Draw in U.S. Crude Inventories
Benchmark Mideast-China Oil Tanker Rates Rise to Four-Month High (Bloomberg)
Freight rates for oil tankers on the benchmark route from the Middle East to China rose 1% to Worldscale 37.05, highest since May 25. This equates to daily earnings of $355; first time positive since
June 1 * “Owners’ confidence has certainly been bolstered by the improving rates and the expected higher activity for October cargoes”
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FIS Tankers Daily Report 2021-09-22
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