The number of ships acting as floating storage vats for oil and liquefied natural gas is increasing as the coronavirus has reduced global appetite for energy. Some 79 vessels were storing crude and condensates at sea on Tuesday, according to ship-tracking firm Kpler, up from 64 a year ago. Traders often load up ships with crude at lower prices and lock in a higher price in the future. The latest glut on the sea, however, is due to faltering demand. “Right now, the economics don’t call for an increase in storage,” said Giovanni Serio, head of research at oil-trading giant Vitol Group. Rising volumes of oil at sea are likely to increase the downward pressure on prices. Brent is currently trading at $51.50, representing a 27.7% loss from the high of $71.28 registered on Jan. 8. WTI oil has also suffered a similar drop in the last two months and is currently trading at $47.30. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI Price Analysis: Choppy inside symmetrical triangle amid bullish MACD FX Street 2 years The number of ships acting as floating storage vats for oil and liquefied natural gas is increasing as the coronavirus has reduced global appetite for energy. Some 79 vessels were storing crude and condensates at sea on Tuesday, according to ship-tracking firm Kpler, up from 64 a year ago. Traders often load up ships with crude at lower prices and lock in a higher price in the future. The latest glut on the sea, however, is due to faltering demand. “Right now, the economics don’t call for an increase in storage,” said Giovanni Serio, head of research at oil-trading giant… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
