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Friday, Jul 19
Maybe boosting domestic oil prices (USO) is an unprecedented summer export boom for U.S....
Maybe boosting domestic oil prices (USO) is an unprecedented summer export boom for U.S. refiners (VLO, TSO, WNR), with 77 tankers booked already this month, surpassing the total for all of July last year. "The idea of having (freight) rates higher in mid-July than at the end of January - it would be like selling more ice cream in Central Park in January than (in the summer)," says the President of Scorpio Tankers (STNG). Better margins abroad are key to the action, with surging cost of ethanol credits giving refiners even more excuse to sell overseas. WTI crude's up another 0.8% to $108.65.