Will Canada Spark a Tanker Rally?
06 May 2016: The oil market has been oversupplied for much of the last 18 months, resulting in a significant decline in oil prices. Strong oil demand growth in 2015 was more than offset by supply growth as projects sanctioned during the industry’s heyday continued to come onstream. In recent months a number of supply disruptions, combined with production decreases in U.S. shale production, have tightened the supply demand balance. Since early this week, a new and unexpected supply disruption has caught the headlines in the form of wildfires in one of the main oil producing regions in Alberta in Western Canada. The U.S. is by far the largest importer of Canadian barrels. When will the forest fires affect U.S. imports and how will this impact the shipping markets?
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