29 May 2024
The global shipping industry once again scrambles to cope with rising demand, longer transits to avoid the Red Sea, and bad weather in Asia, leading to a sudden and surprise surge in shipping rates.
The capital raised from this sale is intended to ease the kingdom's short-term financial pressures and support its ambitious economic diversification projects, including the development of a new city and a global airline.
The 2409 for September 2024 delivery contract on Dalian Commodity Exchange on 29 May 2024 settled as follows:
Oil prices surged above $1 a barrel on Tuesday, driven by expectations that OPEC+ will uphold current crude supply cuts at its upcoming 02 June 2024 meeting.
28 May 2024
However, traders are monitoring closely the fuel demand data in the US after Memorial Day which marks the start of the summer driving season.
Reduced demand from South Korean petchem producers has kept spot naphtha prices in Asia below the $700/ton threshold throughout May.
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