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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.