Shanghai aviation exchange: Crude oil freight rates fluctuated at high levels this week.

According to the Shanghai Shipping Exchange, data released by the US Energy Information Administration this week showed that as of the week ending May 29, 2026, commercial crude oil inventories in the US, excluding strategic reserves, decreased by 7.974 million barrels to 434 million barrels, a decrease of 1.81%. US domestic crude oil production decreased by 8 thousand barrels to 13.707 million barrels per day, crude oil exports increased by 1.434 million barrels per day to 5.874 million barrels per day, and imports increased by 6.397 million barrels per day, an increase of 1.185 million barrels per day from the previous week. The four-week average supply of crude oil products was 20.404 million barrels per day, an increase of 3.0% from the same period last year. The significant decrease in US commercial crude oil inventories exceeded market expectations of a 4 million barrel decrease, with strong domestic refinery demand and high export demand. The continued decline in inventory data usually means that spot market supply is tightening, especially with the peak summer travel season approaching, US gasoline consumption demand may further increase, providing support for oil prices. Although there is still uncertainty in the Middle East situation, optimistic expectations for progress in US-Iran diplomatic negotiations have suppressed further oil price increases. This week, Brent crude oil futures prices warmed slightly, with Thursday at $95.30 per barrel, up 1.99% from May 28. VLCC tanker freight rates in the global crude oil transport market remained at high levels. China's import VLCC transportation market prices were volatile at high levels. On June 4, the China Import Crude Oil Composite Index released by the Shanghai Shipping Exchange was 3801.78, a decrease of 4.3% from May 28.