Product

Oil Algos Confused By Crude Draw, Major Product Build, Weak Demand

After ramping notably overnight (after API reported a big surprise crude draw), WTI tumbled back below $53 this morning as the dollar strengthened, and as Bloomberg reports, even with Saudi Arabia’s pledge to unilaterally cut oil output, the supply picture remains precarious. Oil inventories for the Organization for Economic Co-operation and Development are 160 million…

WTI Slips Below $50 After Big Product Build Offsets Some Saudi-Shocker Gains

Oil prices soared today on the heels of Saudi’s self-sacrificial slashing of 1mm b/d output. They said this action was “pre-emptive” which, to us at least, does not seem like a positive catalyst – just how worried are they? How much did they want to suck up to Russia with a Biden admin coming in?…

Crude-Oil vs. Product Tanker Debate: Advantage Product Tankers?

By Greg Miller of Freight Waves “The market is shit. Sorry for my French,” said Hugo De Stoop, CEO of Euronav, the world’s largest listed crude-tanker owner. Euronav CEO Hugo de Stoop (Photo: John Galayda/Marine Money) Speaking on Thursday’s call with analysts, De Stoop was explaining why Euronav is pulling forward required drydockings from H1…