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OIL: Crude Floating Storage Rise Back Towards May High to 92.9mbbl

OIL

Floating crude on tankers stationary for at least seven days rose 12% to 92.9m bbl as of June 21 from 82.62m bbl on June 14 according to Vortexa data cited by Bloomberg. Crude on tankers rose back towards the end of May high driven by a rise in Europe to the highest since April 2023 while North Sea volumes dipped slightly but remain strong.

  • Asia Pacific up 21% w/w to 39.75mbbl
  • Europe up 26% w/w to 15.12mbbl
  • Middle East up 2% w/w to 13.11mbbl
  • West Africa down 11% w/w to 8.2mbbl
  • North Sea down 1.5% w/w to 5.65mbbl
  • U.S. Gulf Coast down 37% w/w to 2.89mbbl

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