By Sheela Tobben and Javier Blas (Bloomberg) --Some of the world’s biggest oil traders are getting ready for the possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for months-long charters so that they can be ready to store excess barrels if necessary. The chartering spree is likely to alarm Saudi Arabia, Russia and their allies … [Read more...]
BP Books Tanker for Storage at Lowest Rate This Year
By Florence Tan and Roslan Khasawneh SINGAPORE, Sept 10 (Reuters) - Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year's lowest rate yet, according to industry sources and data on Refinitiv Eikon. The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A … [Read more...]
Floating Storage Shows Signs of Slipping
By Alex Longley, Sherry Su and Javier Blas (Bloomberg) -- One of the oil market’s most obvious signs of oversupply -- millions of barrels being stored on tankers all over the world -- is showing very tentative signs of shrinking. On Thursday, North Sea oil traders offered almost 8 million barrels of crude for sale on a pricing window organized by S&P Global Platts. Some … [Read more...]
Euronav’s Prospects Lifted by Floating Storage Demand
File photo courtesy Euronav By Jonathan Saul and Charles Regnier LONDON, May 7 (Reuters) - Leading tanker operator Euronav posted record high first-quarter results on Thursday and expects strong demand for oil storage at sea to continue in 2020, driving its shares up 8.5%. The world is still struggling with an oil glut due to a drop in demand caused by the … [Read more...]
Floating Oil Storage Grows Off California Coast
Photo: Anatoly Menzhiliy By Robert Tuttle (Bloomberg) -- Oil tankers carrying enough crude to satisfy 20% of the world’s consumption are gathered off California’s coast with nowhere to go as fuel demand collapses. Almost three dozen ships -- scattered in waters from Long Beach to the San Francisco Bay -- are mostly acting as floating storage for oil that’s going unused as … [Read more...]