Business & Finance
Hormuz Reopening Is Quickly Flooding Oil Markets With Supply
Key Points
Commodities Hormuz Reopening Is Quickly Flooding Oil Markets With Supply Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway. Even before the deal, a combination of strategic inventory releases, a collapse in demand from top buyer China, and a substantial number of tankers sneaking “dark” out of the Persian Gulf had contributed to a small oversupply in some key markets,...
Commodities
Hormuz Reopening Is Quickly Flooding Oil Markets With Supply
Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway.
Even before the deal, a combination of strategic inventory releases, a collapse in demand from top buyer China, and a substantial number of tankers sneaking “dark” out of the Persian Gulf had contributed to a small oversupply in some key markets, traders say.