Loading…
VLCC crude tanker rates averaged $22,100 per day as of June 18, up 63 percent week-on-week, after tanker attacks in the Gulf of Oman on June 13. Forward freight agreement rates for the third quarter were $25,000 per day.
Geopolitical risk in the Gulf raises tanker and bunker costs, supporting higher crude prices and fuel costs that feed into ocean freight and farm input economics.
freightwaves.comGreg MillerJun 18, 2019After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Not 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.
