Crude-Tanker Surplus Shrinks to Eight-Week Low: Survey

The surplus of supertankers competing to load 2 million-barrel shipments of Middle East crude oil shrank to an eight-week low.

There are 7.5 percent more vessels for hire over the next 30 days than there are likely cargoes, according to the median estimate of six shipbrokers and owners surveyed by Bloomberg News today. That’s the lowest level since Jan. 31 and compares with a 12 percent excess a week ago. (Bloomberg).