(original title: excess supply end? Singapore offshore floating oil tanker China enough for five days!)

For Singapore offshore floating oil tanker. The red dot in the picture is a vessel in a static state. Marinetraffic net

Both Goldman Sachs and Barclay, in the latest report, mentioned the excess supply of crude oil will ease in the second half of the year, due to the impact of the Canadian fire and the Nigeria riots. But stay off waterway tankers on the Singapore shows another scene, shows that global oil supply surplus situation did not alleviate.

According to Reuters, as many as 40 super tankers docked off the coast of Singapore, was used as a floating oil storage base. These oil tankers store up to 47 million 700 thousand barrels of oil, of which the main is crude oil. According to Eikon data, the current number of Singapore offshore crude oil can meet the needs of Chinese 5 working days.

"In the past 15 years, I have come to Singapore once a year, and I have never seen such a scene of an oil tanker." A European senior oil trader said.

As the most important spot crude oil trading hub in Asia, the number of ships in Singapore and Malaysia waters has been seen by many analysts as a barometer of the health of the industry.

And from the current point of view, the excess supply of crude oil is not as rapid as the Goldman Sachs said it disappeared. A European senior oil trader said, now there are too many physical crude oil, the oversupply situation is far from over.

Except that the excess supply is far from over, storage vessels stay also shows that, despite the recent African American, supply disruptions, but the Middle East producers are still at the level of exports of crude oil to near record in order to gain market share.

In May, international oil prices have gone up by 30% since April. According to Bloomberg, as the oil price rises, hedge fund bullish sentiment in recent months, have bet on oil prices upward. IEA, Goldman Sachs, the world bank and other organizations have also raised the expectations of future oil prices.

Due to the recent crude oil futures contract price is far lower than the long-term contract price for traders can use oil hoarding spot crude oil, so that in the future to sell at high prices, earn the difference between.

Research BMI said, from the economic benefits, the offshore oil is not attractive. In spite of this, the recent increase in the amount of oil in the sea has been a global phenomenon, a quarter of last year to the first quarter of this year, the sea increased by 19.5%.

Hiring tankers to hoard oil money again hot, also let more dealers to apply for bank financing to more hiring tankers.

"These applications come from traders who are fully aware of the impossible to make money from oil. This is not the dealer's consideration, but the city in search of crude oil storage." A large Asian bank's oil trade finance sources said.

In addition to the use of the difference to make money, the land is close to saturation of oil storage space is also a result of the increase in offshore oil storage vessels. According to Bloomberg January data, the Western European oil storage facilities utilization rate has reached 97%, the United States crude oil storage scale also hit the highest level in more than 80 years. Citi data show that the world's largest oil storage center of Saldanha Bay storage facilities have full load operation.

Goldman is expected in December last year, in addition to Chinese outside, only global crude oil storage capacity of 390 million barrels.