Oil storage is feasible with low freight rates, capital costs; backwardation pushes traders to churn oil faster from storage. Norway's Statoil ASA has chartered the last remaining Ultra-Large Crude Carrier (ULCC), the world's largest oil tankers, to store oil off of Malaysia for distribution in smaller parcels to its clients in Asia, company executives said. Statoil has booked the TI Europe, capable of carrying up to 3 million barrels of oil, more than the daily consumption of South Korea, to reduce the time it takes for customers to ship their crude, Stale Endre Berg, senior vice president of crude and refining at Statoil, told Reuters on the sidelines of the APPEC conference.
