Gasoline demand creates product tanker opportunities
Published 3. May 2022 12:37 PM
The reopening of world economies after 2 years of ongoing restrictions around the world continues to havoc and scar the global supply chain. U.S. gasoline prices reached an all-time high of $4.4 a gallon in March 2022 which is a result of the ongoing energy and fuel crisis we see around the world.
The increasing demand after most countries reopened already had a major impact on gasoline prices which were only at around $2.5 a gallon before COVID-19 and reached $1.87 a gallon during the world lockdown, before quickly increasing again.
The Russia-Ukraine war impacted gas and crude oil prices as a wrecking ball resulting in skyrocketing crude oil prices during February and March, which quickly impacted the product tanker market which saw increased demand in a segment already experiencing heightened activity, which reminded many shippers, traders and financiers of the importance of energy security and the impact random shocks can have.
As we continue to see decreasing U.S. stock levels and increasing demand, we also continue to see increasing gasoline prices threatening to curb economic growth, ease the already high inflation and increase transportation costs which in the end results in less consumption.
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