Floating Storage Begins To Fill Up As Oil Demand Wavers

Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries began emerging from lockdowns, floating storage inventories began to decline, boosting prices. Now, they’re creeping up again--but this time, it’s fuel inventories. Commodity major Trafigura recently chartered at least five Very Large Crude Carriers, each capable of carrying up to 2 million barrels of oil or fuels, according to a Reuters report that cited…