Why are Oil Traders Storing Crude at a Loss?
The waters between Singapore and Malaysia used to heave with wooden ships carrying exotic spices. Now the Straits of Malacca are filled with vessels carrying a very different sort of commodity. Oil traders awaiting a recovery in crude are turning to floating storage after benchmark Brent prices more than halved over a span of two years, according to Morgan Stanley analysts led by Adam Longson. Bloomberg's Tracy Alloway reports from Abu Dhabi on "The Pulse."