An unusually high number of oil tankers – eight – are sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, Reuters reports.
The tankers are in the Atlantic and steaming to the U.S., with a combined capacity of as much as 5.6M barrels of oil, according to the report; freight rates for Aframax vessels out of the U.S. Gulf coast hit record levels last month, drawing more vessels to the region.
Occidental Petroleum (NYSE:OXY) reportedly has tentatively booked the Aframax vessel Seajewel at a rate of 370 world scale points from the Gulf Coast to Canada’s east coast.
WTI crude at Magellan East Houston traded $3.35/bbl above U.S. crude futures on Monday, up ~$0.10/bbl from Friday.
