{"id":24894,"date":"2021-03-09T10:50:57","date_gmt":"2021-03-09T09:50:57","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=24894"},"modified":"2021-03-09T10:51:59","modified_gmt":"2021-03-09T09:51:59","slug":"oil-optimism-unwinding-markets-mad-dash-for-storage","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/09\/oil-optimism-unwinding-markets-mad-dash-for-storage\/","title":{"rendered":"Oil optimism unwinding market&#8217;s mad dash for storage"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24894\" class=\"elementor elementor-24894\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-e-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-31a66287\" data-id=\"31a66287\" data-element_type=\"column\" data-e-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-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\" data-e-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-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\" data-e-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-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-e-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\">Oil optimism unwinding market&#8217;s mad dash for storage<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-e-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>09\/03\/2021<\/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-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-e-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-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-e-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<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>LONDON\/NEW YORK\/SINGAPORE (Reuters) &#8211; When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">At the end of February, the volume of refined products held on stationary tankers for over 10 days stood at 19.2 million barrels, down 77% from a peak of 84 million last May, IHS Markit estimates show.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, closely monitors global inventories, and the rate of drawdowns will be a major factor discussed when it meets on output policy on Thursday.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">A year ago, traders were struggling to find storage capacity, and prices for it surged as fuel consumption plummeted. Earnings for product tankers surged to record highs above $100,000 a day last May versus less than $10,000 currently.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">Remote salt caverns in Scandinavia and unused U.S. pipelines and railcars were pressed into service.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">But now, capacity is again becoming available, in Northwestern Europe, the Mediterranean, Middle East and North America, brokers said.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">\u201cParties are giving notice to terminate contracts by April-May,\u201d said Krien van Beek, a broker at ODIN-RVB Tank Storage Solutions in Rotterdam.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">Brokers in the United States are also seeing lower prices offered for storage of crude and products.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">\u201cIn January the unrelenting price run-up (in oil futures) commenced, and that scared people away who had been considering taking on storage positions,\u201d Ernie Barsamian, chief executive of the Tank Tiger, a U.S. terminal storage clearinghouse.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">\u201cWe are now in full backwardation and we are seeing contracts expire without renewals,\u201d he added.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">Backwardation, where spot prices are higher than for later delivery, encourages traders to draw down oil supplies and sell promptly.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">In Europe, the six-month diesel spread reached $8 a tonne on February 19 in its biggest backwardation in 13 months, Refinitiv data showed.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">The spread was as low as minus $92 a tonne last April, when the world population went under strict lockdowns.<\/p><p class=\"Paragraph-paragraph-2Bgue ArticleBody-para-TD_9x\">Storage capacity is expected to become available in the second quarter, especially in Scandinavia, according to ODIN-RVB Tank Storage.<\/p><div class=\"group\">\u00a0Source: <a href=\"https:\/\/www.reuters.com\/\">Reuters<\/a><\/div><\/div><\/div><\/div><\/div>\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-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-e-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-63502443 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"63502443\" data-element_type=\"widget\" data-e-type=\"widget\" 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At the end of February, the volume of refined products held on stationary [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":20137,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Oil optimism unwinding market&#039;s mad dash for storage | StocExpo ","_seopress_titles_desc":"Oil optimism unwinding market&#039;s mad dash for storage. 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