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From my standpoint, crude oil market fundamentals and limited tanker supply are forming a strong H2 2020 crude spot tanker market for the following reasons:
1. The U.S. Energy and Information Administration ((EIA)) expects a tight oil market balance from H2 2020. As a result, the crude oil price will move higher.
2. On the back of the IMO 2020 fuel regulation, EIA forecasts a considerable increase in refinery runs to accommodate the switch from high to low sulfur oil.
3. The limited fleet growth in 2020, the expected scrapping activity, and scrubber