Shanghai Shipping Exchange: Crude Oil Freight Rates Down from Highs

Shanghai Shipping Exchange: Data released by the U.S. Energy Information Administration shows that as of the week ending May 22, 2026, commercial crude oil inventories in the United States, excluding strategic reserves, decreased by 3.327 million barrels to 442 million barrels, a decrease of 0.75%. U.S. domestic crude oil production increased by 13,000 barrels to 13.715 million barrels per day, crude oil exports decreased by 1.164 million barrels per day to 4.44 million barrels per day, and imports were at 5.212 million barrels per day, a decrease of 804,000 barrels per day from the previous week. The four-week average supply of crude oil products was at 20.192 million barrels per day, an increase of 1.48% from the same period last year. The U.S. and Iran have preliminarily discussed a 60-day ceasefire extension arrangement, with Iran possibly clearing mines in the waters of the Hormuz Strait within 30 days to restore normal shipping order in the area. However, there is still significant uncertainty about the agreement, as President Trump has not officially approved the content, and there are still variables on whether both sides can ultimately reach a comprehensive agreement and when it will be implemented. With concerns over the escalation of conflicts in the Middle East diminishing, the significant risk premium that had accumulated in the oil market quickly receded. Brent crude futures prices fell sharply this week, with a price of $93.44 per barrel on Thursday, down 10.81% from May 21. Prices for VLCC oil tankers in the global crude oil transportation market have slightly decreased, with prices in the Chinese import VLCC transportation market trending downward from high levels. On May 28, the China Import Crude Oil Comprehensive Index released by the Shanghai Shipping Exchange was at 3972.70 points, down 3.7% from May 21.