I wonder if it's not because countries are now starting to stockpile oil.
China is increasing their oil reserves from 1 months supply to 3.
Now Japan is following suit.
This from Lloyd's List
JAPAN has struck a deal with an oil company in the United Arab Emirates that would see more crude oil transported to the Far East to fill an onshore reserve base.
And in May 2009, MoneyNews.com reported
Japan's business daily Nihon Keizai reported that Japan may increase its national oil reserves to the equivalent of about four months' worth of domestic consumption, or a 40 percent increase over current levels.
Government officials denied the Nikkei report.
Overall, the price should be going down. Demand is going down according to
June 29 (Bloomberg) -- The International Energy Agency, an adviser to oil-consuming nations, cut five-year forecasts for global crude demand because of the economic slump, predicting consumption won’t regain last year’s levels until 2012.
click here for article from Bloomberg
So, bunker fuel prices should be coming down too. Once all the countries are finished increasing their oil reserve stocks.
At least the good thing about this for the tanker operators is this has increased the demand for tankers. But that will be short lived.