Crude Oil Shipping Costs Surge 258% in Two Months as Physical Market Tightens

While crude oil futures attract most of the attention, the physical crude oil market is showing signs of severe strain, with shipping costs surging at a near-unprecedented rate.
The cost to ship 2 million barrels of crude oil from West Africa to China has risen to $23.59 per barrel, up from about $6.50 per barrel in July, a 258% increase in just two months.