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.

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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.