by Libby George, Ahmad Ghaddar (Reuters) - Gasoline stored in ships off Europe’s coast has ballooned to more than 400,000 tonnes, putting pressure on the continent’s traders to compete for buyers once summer demand starts. Several vessels have joined the three initially booked to store fuel off Europe’s ports in mid-March, and brokers said even barges have held cargoes of … [Read more...]
Oil Traders Hoard Less on Ships Near Singapore as Market Flips
By Serene Cheong (Bloomberg) -- One of the biggest stores of oil at sea is showing signs of emptying out. The volume of supplies held on tankers in the Strait of Malacca in September dropped to the lowest level since August 2016, according to data from cargo-tracking and intelligence company Kpler. The waters off Singapore, Malaysia and Indonesia -- one of the world’s … [Read more...]
In Latest Sign of Crude Glut, Ageing Supertankers Used to Store Unsold Oil
By Keith Wallis and Henning Gloystein SINGAPORE, June 16 (Reuters) - Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices. Around 10 very large crude carriers (VLCCs), all between 16 and 20 … [Read more...]
Full Tanks and Tankers: A Stubborn Oil Glut Despite OPEC Cuts
By Catherine Ngai NEW YORK/LONDON/SINGAPORE May 19 (Reuters) - After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel … [Read more...]
Asia’s Floating Oil Storage Sets Sail as Market Slowly Tightens
By Mark Tay SINGAPORE, Feb 24 (Reuters) - Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC's goal of … [Read more...]