Target $18.72, page-2966

Hellenic Shipping News 24.12.22

N. Roussanoglou said that lengthy oil storage on ship has considerably declined recently, & oil storages are now being depleted.
IMO, this will place upward pressure on oil prices- & possibly gas & coal prices, as these can replace oil-powered heating; & replace oil, in oil-powered power stations, if oil becomes too expensive.

Fossil fuel delivery tankers are also travelling much further now to the EU & UK etc. (due to the EU, UK etc. bans on Russia), so more diesel is being used. This places upward pressure on diesel demand, & prices.

Another expert, C. Georgousi, has predicted that China's economic growth is expected to resume, in mid 2023, from its very poor 2022 economy/ severe covid lockdowns/zero covid policy.

C. Georgousi 24.12 22 said

"China’s demand for oil will also pivot crude markets in 2023. The country’s recent relaxation of its strict COVID-zero measures is widely perceived as bullish for crude demand. While the country is expected to keep in place some measures through the 1H2023, a full reopening of its economy in 2H2023 will provide tailwinds to the oil market.

Domestic fuel demand is likely to recover after 2H2023 when travel restrictions are expected to be lifted and domestic and international flights will resume back to normal and will be reflected in normalized jet fuel demand. Road travel is also expected to normalize within 2023 boosting gasoline and diesel demand, while a full RE-OPENING of the economy will underpin CONSTRUCTION (& need for power from coal & gas also, my words & emphases) activity which has been severely hit following the pandemic.

Overall, a BULLISH (my emphasis) combination of slowly recovering oil consumption and increased ton-miles as a result of market disruptions could boost demand for crude tankers up to 6% higher in the next year”

https://www.hellenicshippingnews.com/tankers-primed-for-success-during-2023/

As China is such a huge importer of energy, this is likely to increase, from mid 2023, coal, gas, & oil prices- & thus the SP of coal, gas, & oil companies from mid 2023.