Global Tankers Are “Hot,” Oil Freight Rates Soar
The cost of transporting oil by tanker has soared on many global routes after Venezuelan oil began to be more controlled by the United States, replacing trade previously handled by older, “grey” vessels. This change has significantly increased demand for more legitimate tankers, as older fleets often fall below standards, resulting in fewer available vessels and rising rates across the market.
This situation has prompted shipowners to base tankers around the US Gulf Coast for higher shipping opportunities, while other routes, such as those from the Middle East to Asia, face a shortage of vessels. Consequently, rates on long-haul routes to China and other busy waterways have also surged, reflecting the tightness of the global tanker market and changes in oil trade flows due to geopolitical factors and sanctions. (az)
The oil price at the time of this analysis is $64.37
- Buy if the price moves below $64.47
- Sell if the price moves below $64.27
Resistance 2: $64.67
Resistance 1: $64.57
Support 1: $64.17
Support 2: $64.07
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
