Reuters: A fall in oil demand this year has forced oil companies to store crude oil and middle distillates, mainly gas oil for heating and jet fuel, in tanks on land and tankers anchored at sea.
The bulk of middle distillates stored in tankers have been held in floating storage in Europe, where oil demand has been falling more sharply than the rest of the world and a steep contango on the futures market, or discounts on prompt contracts to longer-dated, has still been attracting inflows.
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