Global floating oil storage declined at a fast pace in December as traders sold crude held on tankers in the absence of price incentives to store it and in order to meet peak winter demand in Asia, analysts and sources at trading firms told Reuters. The Brent futures curve has returned to backwardation, the state of the market signaling tighter supplies with prompt prices higher than those further out in time.
Backwardation removes the incentives for traders to store oil in floating storage. In March and April, when oil demand crashed, traders…Floating Oil Storage Shrinks Amid Robust Asian Demand
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