Sat, 2020-04-25 03:45
SINGAPORE: Supertanker freight rates eased this week as surging demand for floating storage cooled and crude oil output is set to fall, but rates could jump again as fewer tankers become available and as traders take advantage of weak oil prices, sources said.
Tanker rates jumped earlier in the week after US WTI crude futures for May turned negative ahead of their expiry for the first time ever on Monday as desperate traders paid to get rid of oil, prompting a spike in demand for tankers able to store it for sale at higher prices at a future date.
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