Oil Contango Boosts Crude Storage at Sea

According to an August 7 report from Reuters, the amount of crude oil being stored at sea has risen sharply over the last two weeks, particularly in the U.S. Gulf, due to a price incentive for oil companies to hold stocks on board vessels. While the estimates vary from around 60 million to 100 million barrels, most sources agree offshore storage levels rose by around 10 million barrels in the last two weeks alone.

(Source: Reuters)