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10 Sep 2020

Stalled global economic recovery fuels fresh buildup of oil inventory

  • Major oil traders book offshore storage facilities as global economic recovery stalls. 
  • Onshore facilities remain close to capacity on weak demand. 

Major oil traders like Trafigura, Vitol, Litasco, and Glencore are again booking tankers to store millions of barrels of crude oil and refined fuels at sea with the global economic recovery from the coronavirus pandemic showing signs of stalling. 

Trading house Trafigura has chartered at least five of the so-called very large crude-oil carriers (VLCCs), each capable of storing 2 million oil barrels, according to trading sources and shipping data.

According to Reuters, traders are opting for offshore storage facilities, as onshore storage remains close to capacity on weak demand, according to a Reuters article. 

Offshore storage facilities were filled in April as the coronavirus lockdown restrictions imposed across the globe brought the economic activity to a standstill. 

As such, oil prices tanked in April with the then front-month west texas intermediate (WTI) futures contract falling to at least $30 below zero. 

At press time, WTI is trading at $37.80, having peaked at $43.75 in August. 

Sep 10, 2020

S. Korea Pres. Moon outlines $6.6 bln extra budget, USD/KRW keeps highs

Speaking at an emergency economic policy meeting on Thursday, South Korea President Moon Jae-in on said the government is drafting the fourth suppleme
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Sep 10, 2020

USD/INR Price News: Indian rupee buyers await confirmation of bearish flag

USD/INR prints 0.23% intraday gains, at 73.47 now, while traders from India brush their screens for Thursday’s move. Even so, a bearish flag formation
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