Oil Market Strengthens With Lowering Of Floating Storage

The volume of crude oil and condensate in tankers worldwide has fallen to a one-year low as the market’s recovery gathers pace, and with a strongly backwardated structure in the Brent crude market discouraging storage, says an article published in S&P Global.

Floating storage

Floating storage had risen around the turn of the year due to port congestion off China and southeast Asia, but that situation has eased considerably in the past few weeks, boosted by the oil market’s recent strength,...


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