Loading…
Oil traders are chartering supertankers to store 10ppm diesel for up to six months as they prepare for weaker European demand under renewed COVID-19 restrictions. Diesel floating storage could rise again, with Singapore gasoil in contango since late July.
Floating storage adds to inventories and signals softer demand, which pressures diesel prices and freight-related fuel costs.
marinelink.comJessica Jaganathan, Koustav SamantaOct 30, 2020After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
