The Other Large Oil Release That’s Coming to an End
The amount of crude held in floating storage declined 40% in a year, contributing to the oversupply plaguing markets.
The amount of crude held in floating storage plunged last year.
Photographer: Tim Rue/BloombergWelcome to Elements, our energy and commodities newsletter. Today, Bloomberg Opinion’s Javier Blas analyzes how floating oil storage facilities are a less-recognized, yet still significant, contributor to global oversupply. Meanwhile, the day when humans can harness the same energy that lights the stars may come sooner than you think, according to Bloomberg Green. To learn why China’s coal boom may not have the expected impact on emissions, read this. If you haven’t signed up to get Elements in your inbox, you can do it here.
One oil barrel here, another there, and soon you get an oversupply.