Oil-Tanker Glut Falls to 14-Month Low on China Demand, Iran
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A glut of supertankers competing to load cargoes of Persian Gulf oil shrank to a 14-month low on Chinese crude purchases and persistent tensions over a possible closing of the Strait of Hormuz.
There are 5 percent more ships available for hire over the next 30 days than there are likely cargoes, the smallest excess since Nov. 2, 2010, according to a Bloomberg News survey of seven shipbrokers and owners today. Contracts used to bet on the cost of shipping oil in February were little changed after yesterday advancing the most since pricing began on Sept. 1, according to broker Marex Spectron Group Ltd.