Saxo Bank: Spot oil supply is expected to remain tight for the next few weeks

Golden Ten Data reported on April 8 that analysts from Saxo Bank stated that although the nominal oil price has retreated after the US-Iran ceasefire agreement, oil supply remains tight in the near term. They pointed out that the transportation time from loading to final unloading means that the spot supply may continue to be restricted for several weeks. Currently, more than 800 vessels are still stranded in the Persian Gulf, and ship owners are likely to require reliable security guarantees before departing and returning with empty ships to load cargo again. Saxo Bank believes that even if the ceasefire is maintained, given the time needed to restart closed oil wells, fully repair and replenish refinery inventories, a return to normal supply could still take several months.