Insights
Added Feb 17, 2022

Event highlights: US crude in a sweet spot

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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.

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Presenters:

  • 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
Key takeaways:
CRUDE
  • 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.

FREIGHT

  • 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.

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