News Headlines:
OIL DAYBOOK EUROPE: Busy Traffic Activity; BP Sees Strong Demand (Bloomberg)
Traffic in 15 European cities was as busy as in 2019 for the first time since the pandemic began, according to data from TomTom NV. BP Expects Strength in Global Oil Demand to Last, CEO Says
TANKER WEEKLY WRAP: Iraq, Saudi, Kuwait Boosted Oil Sales in May (Bloomberg)
Iraqi crude sales to the U.S. surged in May while total oil exports from Saudi Arabia and Kuwait also increased, helped by a jump in flows to China. European refined products exports to the Americas edge up in May compared with April, aided by a boost in shipments after the Colonial pipeline outage.
Oil Traders Keep North Sea Crude on Tankers Despite Rally to $72 (Bloomberg)
Here’s something for oil bulls to chew on as Brent crude trades near $72: tankers are holding several million barrels of oil in the North Sea in what is normally a strongly bearish indicator. Five tankers carrying about 6 million barrels of North Sea crude have been floating off European shores for two to three weeks. As the current market structure doesn’t make economic sense for storage, the increase in floating barrels looks like a sign of weak demand, especially from Asia
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FIS Tankers Daily Report 2021-06-08
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