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...]
Crude Storage at Sea Hits New Record at 160 Million Barrels – Sources
File Photo: Shutterstock/Zacarias Pereira da Mata By Jonathan Saul LONDON, April 17 (Reuters) - Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say. Organization of the Petroleum Exporting … [Read more...]
Tanker Rates Double as Oil Contango Spreads
Photo: Garry2014 / Shutterstock By Roslan Khasawneh SINGAPORE, March 30 (Reuters) - Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said. Freight rates for very large crude-oil carriers (VLCC) along the … [Read more...]