US crude in a sweet spot
On the 15th February, Vortexa and Argus Media combined powerful data to generate insights into the US crude freight markets in a 45 minute panel webinar.
The session combined industry-leading data from both Argus and Vortexa to provide a complete, global view of the market. Presenters touched on three major themes of crude markets, freight markets, and forward curves.
- Arthur Richier, Lead Freight Analyst at Vortexa
- Amanda Hilow, Deputy Editor, Americas Crude, Argus Media
- Nicholas Watt, Freight Editor for the Americas, Argus Media
- Jay Pruett, Business Development, Argus Media
- The US shale oil industry is quickly realising that the market is evolving quickly out of the Covid depression.
- There is ample capacity for exports out of PADD 3, with US crude exports positioned to grow to a new record high that could hit 3.5 mn b/d in 2022.
- This comes as OPEC+ crude exports growth comes to a halt
- The further afield the market has to go to get barrels, the better for tanker markets.
- A boost in tonne-miles from increasing US Gulf loadings would have the potential to boost Atlantic Basin freight rates and lift earnings globally.
- Whilst overcapacity will remain an issue in 2022, high scrap steel prices and limited room for the sanctioned trade to grow will further buoy tanker prospects.