{"id":18290,"date":"2020-10-05T12:24:38","date_gmt":"2020-10-05T10:24:38","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=18290"},"modified":"2020-10-05T12:26:12","modified_gmt":"2020-10-05T10:26:12","slug":"floating-storage-begins-to-fill-up-as-oil-demand-wavers","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2020\/10\/05\/floating-storage-begins-to-fill-up-as-oil-demand-wavers\/","title":{"rendered":"Floating Storage Begins To Fill Up As Oil Demand Wavers"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18290\" class=\"elementor elementor-18290\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-800f046 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"800f046\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e2120dd\" data-id=\"4e2120dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-79ffcd9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79ffcd9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3e9097b4\" data-id=\"3e9097b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ffdcdd6 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"1ffdcdd6\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Floating Storage Begins To Fill Up As Oil Demand Wavers<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e53b22 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"11e53b22\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>05\/10\/2020<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b354c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"28b354c0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a3734f elementor-widget elementor-widget-text-editor\" data-id=\"20a3734f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries began emerging from lockdowns, floating storage inventories began to decline, boosting prices. Now, they\u2019re creeping up again&#8211;but this time, it\u2019s fuel inventories.<\/p><p>Commodity major Trafigura recently chartered at least five Very Large Crude Carriers, each capable of carrying up to 2 million barrels of oil or fuels, according to a Reuters report that cited shipping data and unnamed trading sources. Some of these were newbuilds, too. They are most likely going to be used to store gasoil and diesel, according to the report, as inventories of these two fuels were particularly high. And Trafigura\u2019s peers are booking tankers, too.<\/p><p>It\u2019s not just diesel and gasoil. All distillate fuel stocks are a problem. In the United States, refiners have been struggling with rising distillate inventories for weeks now as air travel remains severely restricted, jet fuel demand is in the ditch, and there are no alternative venues for the oil product. Refiners have been raising their gasoline production, but demand for gasoline has also been slow to recover and inventories there also remain above the five-year average despite several hefty draws.<\/p><p>The trend is certainly worrying for those banking on an oil price rebound driven by fuel demand recovery, which is pretty much everyone who produces fuels. Demand was expected to recover more or less consistently after the lockdowns barring a second wave of infections. But while some countries have indeed experienced what looks like two distinct waves of Covid-19 infections, for others, including the world\u2019s largest oil consumer globally, the U.S., it has been a single but prolonged wave. Uncertainty about pretty much everything from employment to vaccine development remains ample, and this is affecting oil demand.<\/p><p>Normally, traders start hoarding oil\u2014or oil products\u2014when prices are low but are expected to rise in the future. There is a decent degree of certainty prices will rise because that\u2019s how things work in oil. This is all in the past now. Earlier this year, storage builds were so abundant that some began to worry the world would run out of storage space. Prices tanked. Now, traders can only hope that prices will improve in the future and they won\u2019t suffer losses from storing fuels.<\/p><p>\u201cIt is increasingly clear that market fundamentals are not improving as quickly as expected, particularly on the demand side,\u201d Morgan Stanley\u2019s Martijn Rats said in a recent note, as quoted by Reuters. He added that despite a stable draw in crude oil and fuel stocks, these remain at historic highs, with this particularly true for fuels, which, according to Rats, stayed at \u201cstubbornly\u201d high levels.<\/p><p>What this suggests is that refiners restarted crude buying earlier this year in anticipation of a rebound in demand for fuels. This rebound, however, never came to pass, and now refiners\u2014and commodity traders\u2014are stuck with millions of barrels of fuels they can\u2019t sell. What makes things worse is that the latest data on oil demand, particularly from China, is not encouraging at all. Earlier this month Saudi Arabia\u2019s Aramco served an unpleasant surprise to oil markets by announcing it was sharply cutting its official selling prices for oil. The cuts would affect Asian, U.S., and northwestern European clients. Meanwhile, worry has been growing that China had stuffed itself with cheap oil and its buying spree, which helped prices stay stable during the summer, was coming to an end.<\/p><p>When one of the world\u2019s top oil producers, which has so far been rather upbeat about the future of oil demand, slashes its prices, it speaks volumes. In all public statements, Aramco\u2019s leadership has been confident that oil demand was recovering nicely, about to reach pre-crisis levels sooner rather than later. The company even raised its prices for Asian buyers earlier this year, boosting benchmarks. Now, it\u2019s cutting prices. Add to this the news from China and the picture becomes grimmer.<\/p><p>Economists have been talking about L-shaped, V-shaped, and W-shaped recovery scenarios for the U.S. and global economy. The oil market appears to be stuck in a sort of recovery that no letter fits.<\/p><p>Source: <a href=\"https:\/\/oilprice.com\/\">https:\/\/oilprice.com\/<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7360b72d\" data-id=\"7360b72d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5bfd48 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"c5bfd48\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" 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href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries began emerging from lockdowns, floating storage inventories began to decline, boosting prices. Now, they\u2019re creeping up again&#8211;but this time, it\u2019s fuel inventories. Commodity major Trafigura [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":18295,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Floating Storage Begins To Fill Up As Oil Demand Wavers | StocExpo Industry News","_seopress_titles_desc":"Floating Storage Begins To Fill Up As Oil Demand Wavers. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-18290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/18290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=18290"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/18290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/18295"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=18290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=18290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=18290"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=18290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}