The Libyan oil shutdown and US hurricanes are conspiring to lower oil prices and boost tankers.
Fearnleys said projections from the US Energy Information Administration (EIA) and the Paris-based International Energy Agency suggest the oil market will be oversupplied, with the EIA estimating a 200,000 barrel per day excess.
“It should lead to somewhat lower oil prices — all else equal supporting long-haul freight,” analyst Fredrik Dybwad said, referring to the EIA’s updated numbers published on Tuesday.
