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FreightWaves reports that tanker owners fear the typically strong winter season will not materialize, with near-term tanker fundamentals described as grim. Maritime Strategies International expects further near-term oil demand hits from renewed European lockdowns in Q4.
Weak oil demand expectations point to soft crude and product tanker markets, which can weigh on crude and diesel prices and modestly ease energy and freight costs for feed producers.
freightwaves.comGreg MillerNov 16, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
