24 May '16, 3pm

Morgan Stanley Notices The Strange Thing Taking Place Off The Singapore Coast

Morgan Stanley Notices The Strange Thing Taking Place Off The Singapore Coast

Floating storage continues to grow despite outages and poor economics. According to Reuters reports, at least 40 supertankers laden with crude are anchored offshore Singapore as floating storage. In fact, according to Reuters, the volume stored offshore Singapore is up 10% WoW despite outages, to 47.7 mmb. The increase in floating oil comes despite disruptions in the Atlantic Basin and an out-of-the-money floating storage arb, suggesting markets are not as healthy as sentiment suggests. It also highlights the speculative nature of much of the oil bounce this year (recent disruptions aside). Southeast Asia is getting worse, with offshore volumes reaching the highest level in at least 5 years. According to Poten & Partners, “the volumes of oil stored at sea in South East Asia - predominantly Singapore and Malaysia - appear to have increased significantly”. Remember that the ...

Full article: http://www.zerohedge.com/news/2016-05-24/morgan-stanley-n...

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