Jefferies reports shipping decline through Strait of Hormuz

Investing.com -- Jefferies reported that daily commercial vessel movement through the Strait of Hormuz fell 19% over the past week. Current traffic stands at 25 vessels compared to pre-conflict levels of 120 vessels.

Freight rates dropped 30% during the week but remain approximately double their levels from the start of the conflict. About 800 million barrels of crude inventories have been drawn down since the conflict began.

Singapore gross refining margins reached $21 per barrel over the past week, compared to $5 per barrel at the end of February. Gasoline, diesel, and aviation fuel cracks are currently at $29, $49, and $44 per barrel respectively. Approximately 3.4 million barrels per day of refining capacity has been damaged since the conflict started, representing 3.5% of global refining capacity.

India's use of Russian crude increased from 34% in April to 38% in May. The US sanction waiver on Russian crude expired on June 17. The Russian Urals discount to Brent widened to $19 per barrel from $14 per barrel the previous week. Dubai crude traded at a $7 per barrel discount to Brent.

Indian oil marketing companies are making a profit of 7 rupees per liter on petrol and 1 rupee per liter on diesel based on 15-day average pricing. The companies raised retail fuel prices by 8% to 9% in May and June.

Petrochemical margins are up 101% compared to February levels. Spot LNG prices stand at $16 per million British thermal units, up 3% week-over-week.

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