- Oil prices moved $2/Bbl higher Wednesday morning after slumping the first two days of the week
- Headlines continue to push crude around in the near-term. This morning’s rally is likely off the backs of extra war premium following the Israeli bombing of a refugee camp
- The stike on the camp came as Israel targeted a senior Hamas commander who was reportedly in a tunnel network beneath the camp
- AEGIS notes that events that traders believe can cause further escalation in the region have jolted oil in the past three weeks
- Tanker rates soar as congestion builds at the Panama Canal (Bloomberg)
- A drought in Panama has slowed canal shipping, forcing authorities to constrain traffic
- The cost to haul propane through the canal has surged – Rates to hire a VLGC from Houston-to-Japan reached a record $250 per ton as of Sept. 29, the highest level since prices were first published in 2016 (EIA)
- One LPG carrier paid $2.85 million for the right to skip the line on Nov. 6, according to Flex LNG
- The reduction in traffic is expected to last until at least February