The cargo, which contains 314Kbbl of gasoline and naphtha from the UAE's state-owned Emirates National Oil Co. (ENOC)'s 140K-b/d Jebel Ali, was bought by Japan's ENEOS likely due to reduced domestic refining rates amid recovering demand. In fact, Japan was a net importer of gasoline every month in 2Q, taking in 76.5K b/d in June. In addition, the purchase comes at a time when freight rates for a Medium Range tanker have been at multi-year lows.
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