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Floating inventories fall
02/08/2010
The volume of crude in storage on supertankers at sea has fallen well below 40 million bbl from a peak of 100 million bbl last May.Some say it may have fallen as low as 20 million bbl. "If that is right, and land stocks also reduce, the market could easily see prompt oil regain its premium to futures as demand recovers," said analysts at KBC Market Services, a division of KBC Process Technology Ltd. in Surrey, UK, on Feb. 1. "The contango in the market has already become much narrower, down to just 50-60¢/bbl on [North Sea] Brent compared [with] around $2/bbl towards the end of last year."Some of the middle distillate held in floating storage off Europe also was d...
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