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OIL: Crude Floating Storage Falls from Recent High to 75.59mbbl

OIL

Floating crude on tankers stationary for at least seven days fell to 75.59m bbl as of June 7, down 19% from the highest since August at 93.84m bbl on May 31 according to Vortexa data cited by Bloomberg.

  • Asia Pacific down 5.9% w/w to 30.5mbbl
  • Middle East down 7% w/w to 15.43mbbl
  • West Africa down 3.7% w/w to 10.34mbbl
  • Europe down 20% w/w to 9.11mbbl
  • U.S. Gulf Coast down 42% w/w to 3.9mbbl
  • North Sea down 21% w/w to 3.51mbbl
  • North Sea oil floating on-water had last week risen to the highest volume since Jan 2022 amid competition from robust supply of light non-OPEC grades for example from the U.S.

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