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Bloomberg reports that tankers hauling diesel are making unusual voyages around the world because of a global diesel glut. Some cargoes were rerouted several times, and Europe's demand has been sharply cut by the coronavirus.
Vessels from Asia are taking the longer route around South Africa.
A global diesel glut pushes fuel prices lower, which eases freight and transport costs for feed supply chains. Longer voyages absorb shipping capacity and offset some of that benefit.
theprint.inRyan HeskethJul 30, 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.
