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Clean tanker freight rates on the U.S. Gulf Coast dropped sharply as global product demand declined. Naphtha shipments to Asia became economical, while U.S. Gulf Coast ULSD exports to Europe stayed shut.
Shipbrokers linked the weak activity to refinery run cuts and low demand in Europe and the Americas.
Weak tanker demand and onshore diesel storage glut signal soft U.S. diesel prices and lower freight costs. This modestly reduces transport costs for feed and grain logistics.
petrotahlil.comMar 27, 2020After 18 past bearish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (56% higher; middle half -1.5% to +3.3%), and -0.2% 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.
