Oil Stored On Tankers Is Up 71% Since April

The volume of refined fuel stored on ships floating at sea has jumped nearly 71 percent since early April, industry sources said on Thursday.

About 41 million barrels of gas oil and jet fuel were being stored in tankers mostly off Europe’s coast, up from around 24 million barrels in April, sources said.

Crude has rallied to a seventh-month high on optimism the economy would soon improve, despite the continued build in storage.

The demand for ships to store fuel has boosted freight rates for the Long Range 2 tankers mostly being used, shipbrokers said. The tankers can hold between 600,000 and 1 million barrels.

Reuters