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OILX - Oil - Global Floating Storage Starting To Top Out
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the floating storage edition of Oil Markets Daily!
Analysts that were previously calling for massive widespread global tank tops are starting to write mea culpa articles about how the recent builds have been far less than estimated. We noted this last week when we published a report titled, "Oil: Global Crude Storage Builds In April Are Nowhere Near Analyst Estimates." Now there are visible signs of "build fatigue" happening from global floating storage to onshore storage builds.
Genscape's bi-weekly Cushing monitor showed only an ~1.7 mbbl build for Cushing last week.