US inventories and output revisions
In the United States, crude inventories rose by 5.2 million barrels this week, notably above expectations, while gasoline stocks declined. Newly revised data confirmed that US oil output in August was higher than previously estimated by the US Energy Information Administration, pointing to stronger supply-side dynamics and reinforcing the country’s position as a crude exporter. The increase in available export volumes has supported transatlantic trade flows and contributed to sustained tanker demand in the Atlantic Basin.

Clean-to-dirty conversions accelerate
A notable trend this month has been the continued switch of clean tonnage into dirty trades. 9 LR2s converted within the first four days of November alone, bringing the year-to-date total to 35 vessels. This reflects the persistent strength of the crude market, where lower oil prices have spurred demand from key importers such as China and India, while sanctions-related disruptions and increased floating storage continue to underpin high freight levels.