TODAY'S MARKET INTELLIGENCE
JPMorgan: Global Oil Supply Ample but Tanker Shortage Drives Costs as Hormuz Traffic Surges
English summary
JPMorgan notes that current oil price pressures stem from tanker capacity bottlenecks rather than crude shortages. As Middle East exports via the Strait of Hormuz surged from 7.5 million bpd to 12 million bpd, global VLCC utilization hit near-limit levels, driving up delivered prices and pushing European refining margins negative. This structural tightness may cap benchmark oil prices while benefiting shipping sectors.
The English text is machine translated and may require verification against the Chinese version.
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