Crude oil fundamentals hint at improving storage incentives

2021 is a fascinating year – in many perspectives. One aspect is that the long-established lead of East of Suez markets in oil demand growth is temporarily broken, as the Atlantic Basin has established itself as the more dynamic market since spring. Peak summer road fuel demand glued well with the structural recovery from the pandemic, boosting crude import requirements into North America and Europe. Meanwhile for Asia, optimism has faded, with one COVID 19 outbreak after another weakening final product demand, while crude imports came under even stronger pressure from strategic shifts in China. Amid the double whammy of […]