Shadow Tanker Fleet Moving Sanctioned Oil
April 29, 2024
S&P Global Commodities at Sea estimates monthly imports of US diesel and gasoil into Europe has remained above 1 million metric tons for every month since December.
Israel officials told their Egyptian counterparts on Friday that Israel is ready to give hostages negotiations one last chance to reach a deal with Hamas before moving forward with an invasion of Rafah.
Oil rigs in the US dropped by five to a total of 506 oil rigs. This is a reversal of the five oil rigs gained in last week’s report. Last year at this time there were 591 oil rigs in operation.
S&P Global Commodity Insights reported the size of the “shadow” tanker fleet devoted to moving sanctioned Russian oil has grown significantly since the G7’s price cap was put in place. The fleet now accounts for 10% of global tanker capacity.
US crude oil inventories were down 6.4 million barrels last week putting total stocks at 453.6 million barrels which is 3% below the five-year average. Gasoline inventories decreased by 600,000 barrels last week and are now 4% below the five-year average for this time of year. Distillates inventories increase by 1.06 million barrel week over week and are now 7% below the five-year average for this time of year. Propane inventories increased by 1 million barrels week over week and are now 14% above the five-year average.
The energy markets have been consolidating and trying to settle into a range. They are also searching for direction.