Tanker earnings
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- Category: Mercados - Fletes- Cotizaciones
- Published on Sunday, 07 December 2014 20:25
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Impact of oil prices on Teekay’s tanker earnings
Tanker earnings
Brent oil benchmark prices have been the lowest since November 2010. This was 25% lower than levels experienced at the recent peak in July of 2014, mainly due to supply exceeding demand. The dip in prices was caused by surplus of light sweet crude in the Atlantic region and the return of Libyan volumes. Broader industry factors include a continued increase in U.S. shale production and recent downward revisions to global gross domestic product (or GDP) and oil demand. After the Vienna meet, Brent oil prices have dipped to a five-year low of $68.
Teekay Tankers believes that these lower oil prices are likely to persist in the near term as the Organization of the Petroleum Exporting Countries (or OPEC) appears ready to maintain current production levels and compete on price by lowering its official selling prices (or OSPs
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http://marketrealist.com/2014/12/teekay-tankers-overview-earnings-fleet/