U.S. Crude Supply Seen to Fall by 800,000 Barrels a Day
As crude prices continue to get dragged down by a global glut that shows no signs of abating, oil traders may find some profit by going to sea. The market structure for Brent crude, the benchmark for more than half the world’s oil, now makes it viable to store supplies in a vessel to potentially lock in profits on a sale six months later, according to a Bloomberg survey of 4 traders as well as a shipbroker and a charterer. About five to 10 tankers have been chartered to most likely hold oil near Singapore, according to Jonathan Lee, chief executive of Tankers International LLC. Aviva Investors Global Head of Multi-Assets Peter Fitzgerald and G Plus Economics Chief Economist Lena Komileva discuss with Anna Edwards and Yousef Gamal El-Din in London and Manus Cranny in Dubai on "Bloomberg Daybreak: Europe."