The physical crude oil market is out of control.

The cost to ship 2 million barrels of crude oil from West Africa to China is now up to $27.22/barrel.

To put this into perspective, in July, the cost for the same shipment ~$6.50/barrel.

That's a +319% surge in shipping costs in just over 2 months.

The scramble for physical crude inventories is in full-swing.

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