Will Cunliffe
Research Analyst, The Officials
The barrels can breathe
China's crude imports have collapsed to 2018 lows as prices mask weak volumes; record VLCC orders and freight boom echo 2008, while bunker s
China's crude imports have collapsed to 2018 lows as prices mask weak volumes; record VLCC orders and freight boom echo 2008, while bunker shortages loom...
More oil is exiting the Gulf and naturally the price is softening. More players are willing to pay the $1.5-2 million fee to the Iranians. The fifth Qatari LNG cargo left the Strait and many other smaller vessels are willing to do surreptitious runnings. Some cargoes must then run the American gauntlet and face soldiers in helicopters. Those soldiers must face the wrath of the IRGC'. Perhaps it was a mechanical issue but one Apache helicopter crashed in the Strait. The boom continues. Crude gave a sigh of relief yesterday as Trump and the Iranians announced an end to the brief interlude of missile firing and droning. Brent dropped towards $93 this morning, while the prompt spread fell under $2 for the first time since expiry wackiness in late-May – excluding that episode, it’s the lowest since 3 March!
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