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The Panama Canal raised the Neopanamax lock maximum draft to 50 feet effective September 24, allowing fully laden Suezmax tankers to transit with a full 1 million-barrel cargo of WTI-grade crude. Fog and rising traffic have lengthened waiting times, with transit slots booked through October 10.
Suezmax inquiry out of the US Gulf Coast has been weak in September.
The deeper draft gives an alternative route for Americas crude exports, but weak tanker demand and transit delays limit the near-term price effect.
spglobal.comSep 25, 2020Not enough comparable past events yet for a historical read.
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.
