Production freeze talk, inventory data lift crude oil

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eeIt is Eric Estrada’s 67th birthday, and accordingly, key oil producers are once again looking to police the oil market, reviving hopes of a production freeze. Combine this with the weekly inventory report and a Federal Reserve meeting, and all CHiPs are being placed on a rally today. Hark, here are five things to consider:

1) Ahoy there, mateys. A piece in the WSJ today focuses on the global tanker market, and how low oil prices and rising production have lifted tanker rates and fueled a boom in the sector. But as the chart below illustrates, 200 new tankers are expected to come to market by 2017, with 40% of these being VLCCs (holding