The effect that the US oil exports surge is having on the tanker market is starting to take shape. In its latest weekly report, shipbroker Charles R. Weber said that “crude tanker fixtures servicing US crude exports jumped to a record high of 3.1 Mnbbls in September, building on directional gains since the start of the year, aided by offline refining capacity due to Hurricane Harvey, rising US crude production and advantageous pricing for US crude grades against Brent”. Accor

Hurricane Harvey has wreaked havoc on global oil markets as almost a quarter of US refining capacity was shut, sending reverberations throughout Asia’s refined products as well as product tanker markets. While many USGC refineries and key pipelines are in the midst of restarting or have already resumed operations, around 3.8 mmb/d of capacity remains shut as of Tuesday according to Reuters. Refinery outages in the USGC have led to a jump in jet fuel as well as gasoline shipme