You are here

Oil price slump spurs tankers to make longer voyages

Rout has triggered what traders call contango, a price pattern that lessens the need for speedy oil deliveries

oil.jpg
Asia-Pacific crude market remained depressed as unsold supply from previous months lingered, while differentials for Indonesian grades sank into deep discounts, traders said on Thursday.

London

SLUMPING oil prices are spurring 6,400-kilometre diversions of tankers filled with diesel and jet fuel as the price of ship fuel plunges, opening up trading opportunities.

At least five tankers will deliver refined products to European ports in August and September, sailing