Crude Hovers Around USD73
Crude oil is steady around the $73/barrel mark, despite stocks data from the American Petroleum Institute and US Energy Dept this week showing that US inventories rose this week.
The phenomena of storing crude oil at sea, which took off in the spring when prices plumbed in to the $30's and freight was for nothing, has seen something of a reversal over the last six months.
As prices have climbed this trend is slowly unwinding. Back in the spring Norway's Frontline, the world's biggest independent oil tanker shipping group, reckoned that around 60 very large crude carriers were being used to store crude at sea.
That number has steadily declined to around 40-45 today, Frontline say.
News yesterday that the US economy shrank less than anticipated in Q2 2009, is adding to the belief that the global recession is bottoming.
The phenomena of storing crude oil at sea, which took off in the spring when prices plumbed in to the $30's and freight was for nothing, has seen something of a reversal over the last six months.
As prices have climbed this trend is slowly unwinding. Back in the spring Norway's Frontline, the world's biggest independent oil tanker shipping group, reckoned that around 60 very large crude carriers were being used to store crude at sea.
That number has steadily declined to around 40-45 today, Frontline say.
News yesterday that the US economy shrank less than anticipated in Q2 2009, is adding to the belief that the global recession is bottoming.