The World’s Shippers Are Earning the Most Money Since 2008
The global shipping industry is getting its biggest payday since 2008 as the combination of booming demand for goods and a global supply chain that’s collapsing under the weight of COVID-19 drives freight prices ever higher.
Giant Oil Tankers Are Losing Almost $7,000 a Day Amid OPEC Cuts
Times are getting tougher by the day for oil tanker owners.
Oil Tanker Owners Pay to Move Crude in Wake of Supply Cuts
Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels are effectively subsidizing cargo deliveries on the industry’s main trade route.
Oil Slumps Below $39 on Surging Virus and Libya Restart
Oil extended its slide to a second day on a cocktail of surging coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya.
Oil Drops for Third Day Before OPEC+ Reviews Easing Output Cuts
Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that has hurt economies and fuel demand globally.
Oil Jumps After Saudi Arabia Raises Prices to Boost Recovery
Oil surged after Saudi Arabia raised prices for its crude globally.
Projections Show World Could Run Out of Places to Store Oil
The world will run out of places to store oil in as little as three months, according to an industry consultant.
Contango in Full Swing for Crude Oil Market
Oil tankers are starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge.
Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.
Oil Near Six-Week High as US-China Trade Deal Hopes Increase
Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook, while optimism increased that the U.S. and China will resolve their trade dispute.