Vitol is seeing increased demand for oil from shipping and also from aviation

A couple of pieces with remarks from Vitol. Vitol is the world’s biggest independent oil trader.

CEO Russell Hardy said that the shipping sector is consuming an additional 100,000 barrels of fuel per day to sail longer distances to avoid crossing the Red Sea:

• total distance sailed by ships is about 3% more than it was before Houthi began launching attacks on shipping traffic

Separately, Kieran Gallagher, Managing Director Vital Bahrain:

• “…We’re seeing jet fuel now back to averaging around 6.9 million barrels per day over the last 4-weeks, which is back to 2019 levels.”

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I posted a Brent crude chart earlier, here:

• Former Goldman Sachs commodities head “I want to be long oil”

Here’s a WTI chart now:

There are plenty of tailwinds for crude at present.

This article was written by Eamonn Sheridan at www.forexlive.com.