Fill baby fill – part II: with floating storage, the tide is turning

Storage tank-tops were front of mind through April and early May from a market in significant oversupply. Traders turned to offshore floating storage to absorb market excess, and traditional crude tankers proved to be a buoy to keep the market afloat. Floating storage volumes ripped higher in April; however, recent Genscape data indicates that that trend may be plateauing, indicative of a market finally finding balance after months of turmoil. In this insight, we explore: -April and May global floating storage crude builds -Global market response to global supply glut and increasing dependency on crude storage -Potential for growing market deficit amongst recovery of liquids demand