The hoard of crude oil will only see a rapid reduction in the third quarter, says an analyst. FMTNews Singapore
SINGAPORE: For an insight into Asia’s oil demand recovery and the health of global energy markets, look no further than the fluctuating volumes and shifting composition of the hoard of crude and fuel floating off Singapore.
While Asia’s energy demand rebound has led the world, much of that has come from China, with other economies in the region struggling to emulate its rapid recovery. “Demand is coming back but it’s definitely not back to pre-Covid levels,” said Anoop Singh, head of East of Suez tanker research at Braemar ACM Shipbroking in Singapore. “And that’s showing up in the rather stubborn glut of crude oil stored at sea.”
Some of the tankers idling off Singapore were also booked for three-month or longer storage plays earlier this year when the supercontango made hoarding at sea more viable.
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