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International crude oil freight three times! It is difficult to mention the interest of Asian buyers

  • Release Date:2022-11-24
Recently, the cost of international shipping has been soaring, which has made the weak crude oil spot market pressure on the market.
Data show that the income of trade routes at the benchmark of crude oil transportation on Monday (November 22) exceeded $ 100,000 per day, and recorded the highest value since the new crown virus was popular in early 2020.
According to analysis, the transport ship was forced to take a longer route due to Western countries' sanctions against Russian oil. At the same time, fewer and fewer ships can be used, and oil companies and traders have to pay higher and higher prices to transport goods, increasing the cost of oil transportation.
The long -term freight data of the Baltic Exchange shows that the cost of oil in the mainstream route reaches $ 6.6 per barrel, which is almost three times before the outbreak of the Russian -Ukraine conflict in February this year.
Data Analysis Company KPLER chief crude oil analyst Viktor Katona believes that the situation of the shipping industry has put pressure on oil prices and inhibits the desire to buy some Asian buyers. In addition, the upper limit of Russian oil prices expected to be implemented on December 5 also makes the market "disturbed."
The spot market demand is widely weak
It is reported that the price of oil from Europe has fallen by $ 1.5 compared with the previous month, and more than 20 batches of West African goods are difficult to find buyers even after the offer has been lowered many times.
Energy Aspects LTD. Analyst Kit Haines said strikes have recently broke out in many European countries, causing excess crude oil goods, and this phenomenon is lowering the spot pricing. He also pointed out that once unexpectedly stopped working downstream, spot crude oil quickly squeezed, and it was difficult to deal with these inventory.
The price difference in the Americas is also declining. In December, the US crude oil loaded in December was $ 7 lower than the ICE Brent oil price, and the discount was significantly higher than the $ 2 a few weeks ago. At the same time, Castilla's prices in Colombia have also reached the biggest discount since the new crowd.
When the freight increases, Asian buyers usually turn to the Middle East sellers. However, traders said that in the current cycle of rising freight, even the spot premium from the OPEC country decreased, which was not enough to make Asian buyers interested.
The West Africa market has been hit most serious. Although the trade cycle of January 2023 has begun, Nigerian goods delivered in nearly half of December have not found home. In the Mediterranean, the quotation of the mixed oil of the CPC of Lihai is about 5 to 6 dollars than the oil, and only 3.5 to 4 US dollars a month ago.