$BWET now 583 🤯
Its a direct bet on spot tanker freight rates. Tanker rates are driven by things like: fleet availability (older tankers being scrapped or sanctioned), rerouting of oil shipments due to sanctions or geopolitical conflict (the ongoing Israel-Iran tensions and Strait of Hormuz disruptions mentioned in earlier searches would be directly relevant here, since that route matters enormously for tanker demand), OPEC+ production/export changes, and seasonal demand spikes.