Oil Tankers Plying the US-China Route Command $60 Million. It’s Crushing Demand.

Oil Tankers Sailing the US-China Route Are Commanding $60 Million and It’s Crushing Demand US crude oil exports to Asia are set to hit multi-year lows after the Iran war disrupted global shipping and pushed the cost to lease a tanker for the Pacific journey to a record of almost $80 million. Asian refinery orders for US crude for delivery in November tumbled roughly 50% to 24 million to 26 million barrels this month sequentially, according to traders who asked for anonymity because they weren’t authorized to publicly comment. If that pace of orders holds through the end of this month, it would mark a seven-year low, based on ship-tracking data from Kpler and Vortexa.