Inquiries to use VLCCs as storage rise as crude prices fall

摘要

Because OPEC+ could not reach an agreement to either increase or extend production cuts,Saudi Arabia began flooding the market with cheap crude,moving the market structure to a contango.In the US,April NYMEX WTI settled $1.50/bbl lower than July futures on March 10 while the Sept./front-month spread reached $2.75/bbl.On March 11,an April loading WTI cargo FOB Corpus Christi was traded at a $4.50/bbl discount to June ICE Brent.