An Oil Market Crisis Looks Averted, for Now
- Product market turmoil worries eased as industry gears up
- Forward price curves still seen mispriced by oil analysts
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As recently as a year ago, the oil market was in a panic about changes to the kind of fuel that ships must burn.
A senior executive called the switch the biggest change to the oil industry ever. Traders were anticipating a bonanza. The shipping industry was warning about potential accidents. Volatility in air-fuel, trucking and other costs were being touted.