# Low oil prices a consolation prize for container, dry bulk shipping - Supply Chain Council of European Union | Scceu.org

> Commentary says COVID-19 has crushed global supply chains and demand, with WTO suggesting trade could fall as much as 32% this year. Tanker rates spiked on record floating storage demand while container and dry bulk rates struggled.

- Date: 2020-05-25 · published 2020-05-25T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/53345-low-oil-prices-a-consolation-prize-for-container-dry-bulk-shipping-supply-chain
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A trade contraction of this size weakens demand for bulk commodities and feed ingredients, and bearish dry bulk rates reflect that softer global volume outlook.

## Read by commodity

- WTI: neutral
- OCEANFRT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-05-29 | [Inflation Shows No Signs of Cooling. What Does That Mean For Commodity Prices? \| FXEmpire](https://feedsoft.ai/events/35850-inflation-shows-no-signs-of-cooling-what-does-that-mean-for-commodity-prices.md) | -0.4% | -6.6% |
| WTI | 2020-07-30 | [Analysis: First Chinese gas contracts linked to international LNG prices signal oil-gas decoupling continues \| S&P Global](https://feedsoft.ai/events/52294-analysis-first-chinese-gas-contracts-linked-to-international-lng-prices-signal.md) | +2.6% | +5.1% |
| WTI | 2020-06-19 | [Over-Correcting a Low Crude Oil Price Environment \| Breakthrough \| Breakthrough](https://feedsoft.ai/events/52822-over-correcting-a-low-crude-oil-price-environment-breakthrough-breakthrough.md) | -0.3% | +4.5% |
| WTI | 2023-06-20 | [TODAY IN ENERGY: U.S. diesel prices have fallen below prices from before Russia’s invasion of Ukraine](https://feedsoft.ai/events/35679-today-in-energy-u-s-diesel-prices-have-fallen-below-prices-from-before-russia-s.md) | -3.6% | +5.5% |
| WTI | 2019-12-30 | [Oil price rise muted in 2019 despite sanctions, supply cuts, attack in Saudi Arabia](https://feedsoft.ai/events/55730-oil-price-rise-muted-in-2019-despite-sanctions-supply-cuts-attack-in-saudi.md) | +2.5% | -13.6% |

## Sources

- scceu.org: https://scceu.org/low-oil-prices-a-consolation-prize-for-container-dry-bulk-shipping/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.