/biz/ - Business & Finance

>>19166409
I know you haven't been following this at all but here's a few things: oil demand is still low, oil production is still outpacing storage, charter rates are still high as fuck relative to rates the last few years. Tankers will continue to bring in high revenues throughout this oversupply, and just because Cushing, OK tanks dropped in supply a little doesn't change a the idling tankers off the coast of the US, nor does it get rid of the Saudi Armada with the minimum 36 million barrels worth of oil parked off shore.

This oversupply will last a long time. Oil majors have no reason to rally, oil has no reason to rally, and tankers will be generating relatively large revenues during this oversupply.