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Alexander Stahel, founder and CIO at Commodity Private Equity Fund, highlights that crude oil tanker rates from the Persian Gulf to the Gulf of Oman have reached an all-time high of $33 per barrel or $240 per ton for the five-day journey.
Stahel describes this shuttle service as effectively operating as an oligopoly and refers to the current rate as a record, emphasizing the unprecedented market conditions in oil transportation out of the Persian Gulf.
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Stahel previously reported on Vitol CEO Russell Hardy describing the fuel market as tight with stockpiles at the bottom in an earlier article. He also covered Citadel’s energy trading unit, which Kenneth Griffin estimated had generated $30 billion, in a separate report. These accounts highlight Stahel’s ongoing coverage of energy market developments and trading activity.