The Kobeissi Letter(@KobeissiLetter):While everyone is watching crude oil futures, the physical crude oil market is out of control. Shipping costs for crude oil are surging at a near-unprecedented rate. The cost to ship 2 million barrels of crude oil from West Africa to China is now up to $23.59/barrel. To put this into perspective, in July, the cost for the same shipment ~$6.50/barrel. That's a +258% surge in shipping costs in just 2 months. We are witnessing one of the largest global energy shocks ever recorded.

The Kobeissi Letter

@KobeissiLetter

Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com

Joined June 2015

598 Following 2.7M Followers

The Kobeissi Letter@KobeissiLetter

2026.09.19 19:31

While everyone is watching crude oil futures, the physical crude oil market is out of control. Shipping costs for crude oil are surging at a near-unprecedented rate. The cost to ship 2 million barrels of crude oil from West Africa to China is now up to $23.59/barrel. To put this into perspective, in July, the cost for the same shipment ~$6.50/barrel. That's a +258% surge in shipping costs in just 2 months. We are witnessing one of the largest global energy shocks ever recorded.