Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries began emerging from lockdowns, floating storage inventories began to decline, boosting prices. Now, they’re creeping up again–but this time, it’s fuel inventories. Commodity major Trafigura recently chartered at least five Very Large Crude Carriers, each capable of carrying up to 2 million barrels of oil or fuels, according to a Reuters report that cited shipping data and unnamed trading sources. Some of these were newbuilds, too. They are most likely going to be used to store gasoil and diesel, according to the report, as inventories of these two fuels were particularly high. And Trafigura’s peers are booking tankers, too. It’s not just diesel and gasoil. All distillate fuel stocks are a problem. In the United States, refiners have been […]