From OilPrice:
Around 6 million barrels of crude of North Sea’s key grades have been kept in tankers offshore Europe for up to three weeks, which could be a sign that demand in the world’s top oil importing region, Asia, could be softer than the paper market suggests, Bloomberg reported on Monday, citing ship tracking data it had compiled.
Five oil tankers with 6 million barrels of North Sea crude are sitting off the shores of Europe, including two supertankers chartered by the world’s largest independent crude oil trader, Vitol Group, according to the data compiled by Bloomberg.
Considering that the current crude oil futures structure is in backwardation, the state where the prices of the nearer futures contracts are higher than those further out in time, this sure isn’t an incentive for traders to keep oil in floating storage....
....MUCH MORE
