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Crude tanker rates remain very low as floating storage built up in April to June unwinds slowly and oil demand recovers only gradually. Kpler data shared with FreightWaves indicates the expected short hangover is not occurring.
Weak tanker rates reflect soft crude demand and slow storage drawdown, signaling a prolonged period of low energy freight costs that may keep oil prices subdued.
freightwaves.comGreg MillerOct 21, 2020After 19 past bearish logistics events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -6.6% to +2.3%), and +5.3% over 20.
After 36 past logistics events, Crude Oil (Brent) moved a median +0.2% over 5 sessions (50% higher; middle half -4.6% to +3.2%), and +1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
