# Second wave of floating storage triggered by ailing oil market | Financial Post

> Traders including Trafigura, Vitol, Litasco and Glencore chartered supertankers to store crude and diesel at sea as onshore storage neared capacity. Unsold gasoil and diesel volumes were especially high after a modest summer recovery, and Brent was trading near $40.

- Date: 2020-09-09 · published 2020-09-09T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10507-second-wave-of-floating-storage-triggered-by-ailing-oil-market-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Floating storage builds signal oversupply and a contango-like pressure that weighs on crude and diesel prices, pointing to continued softness in energy costs.

## Read by commodity

- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-06-11 | [Oil drops more than 8% as fears over second wave of coronavirus cases hit the market](https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the.md) | -2.1% | +4.9% |
| BRENT | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -13.0% | -55.2% |
| BRENT | 2020-07-28 | [Colombian peso hits lowest in a month on weak oil price \| Financial Post](https://feedsoft.ai/events/52400-colombian-peso-hits-lowest-in-a-month-on-weak-oil-price-financial-post.md) | +1.3% | +3.2% |
| BRENT | 2020-09-09 | [Oil markets turning bearish amid signs of pandemic’s accelerating economic impact](https://feedsoft.ai/events/10504-oil-markets-turning-bearish-amid-signs-of-pandemic-s-accelerating-economic.md) | +2.3% | +7.2% |
| BRENT | 2018-11-15 | [What happened to oil? Why crude prices plummeted 25% in 5 weeks \| Financial Post](https://feedsoft.ai/events/10783-what-happened-to-oil-why-crude-prices-plummeted-25-in-5-weeks-financial-post.md) | -4.5% | -8.3% |
| DIESEL | 2020-09-30 | [Europe's Oil Refineries Struggling to Cope With Diesel Glut \| Financial Post](https://feedsoft.ai/events/51273-europe-s-oil-refineries-struggling-to-cope-with-diesel-glut-financial-post.md) | +6.8% | +4.4% |
| DIESEL | 2020-09-29 | [Palm Oil's Biofuel Goals Just Got a Whole Lot Harder to Meet \| Financial Post](https://feedsoft.ai/events/51199-palm-oil-s-biofuel-goals-just-got-a-whole-lot-harder-to-meet-financial-post.md) | -0.4% | -1.5% |
| DIESEL | 2018-12-22 | [The FreightWaves oil report: a tumbling market pushes prices down to levels of mid-2017 - FreightWaves](https://feedsoft.ai/events/61736-the-freightwaves-oil-report-a-tumbling-market-pushes-prices-down-to-levels-of.md) | -3.5% | +8.7% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/second-wave-of-floating-storage-triggered-by-ailing-oil-market

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.