Crude Oil Floating Storage Falls As Crude Rallies

LONDON -(Dow Jones)- The number of supertankers used to store crude oil worldwide dropped last month after a rally in crude oil prices lured barrels onshore, shipping data suggested Thursday.

A total of 34 very large crude carriers were in use for storage purposes at the end of May, down from 53 a month earlier, according to preliminary data from shipbroker Simpson Spence & Young Ltd.

The number of very large crude carriers – which typically hold about 2 million barrels of crude each – employed in U.S. Gulf of Mexico crude oil storage dropped to 16 from 24 over that period, said analysts at SSY, the world’s largest independent shipbroking group.

U.S. government data Wednesday revealed an 868,000 barrel a day rise in crude imports boosted U.S. onshore inventories last week. The climb was partly attributed to crude being brought ashore as traders sought to cash in on a rally that has seen prices rise to seven month highs near $70 a barrel this week.

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