Hormuz Shipping Numbers Highlight Oil Price Volatility

The Strait of Hormuz shipping numbers have provided a timely reminder that oil prices remain volatile.

Only ten commodity vessels transited the strait on Wednesday, up from seven the previous day.

This is still below the 10-day moving average of around 17 vessels.

While some ships may be traveling with their transponders switched off, this does provide an indicative feel of shipping flows through the waterway.

The physical picture for oil looks fragile, and shipping data is telling us that normalization has a way to go.