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Crude Oil in Floating Storage down 15% on Week: Vortexa

OIL

The quantity of crude oil globally held on tankers stationary for at least seven days fell 15% on the week to 70.04m bbl Oct.6, according to Bloomberg citing Vortexa data.

  • This is the lowest value of on the water storage since December.
  • Among regions, oil at sea in the APAC region fell 26% on the week to 36.17m bbl, also the lowest since December.
  • In WAF, crude oil idle at sea for seven days or more rose 33% to 8.9m bbl, while in the Middle East, it rose 35% to 7.76m bbl.
  • In Europe, crude at sea rose to 5.07m bbl, up 20% on the week, while in the USGC, it rose 193% on the week to 1.79m bbl.
  • The data does not include vessels booked for floating storage until they are actually stationary for the minimum period.
Energy BulletsCommodities
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