Crude Demand Fall! Traders Resort To Floating Storage on VLCCs

Crude floating storage on VLCCs rises as China demand falls.
This fall has compelled several trading companies and cargo-holders to resort to floating storage, mainly on VLCCs.
The US Energy Information Administration lowered its forecast for average global petroleum and liquid fuels demand for the first quarter of 2020 by 0.9 million b/d.
At least 40 VLCCs are being used for floating storage near Singapore, but close to half of them are loaded with fuel oil.
Crude slid for a fifth straight...