Traders who have been storing oil since the start of the year are selling some supplies back into the market, completing a trade-play that made oil storage profitable, and re-injecting fuel into an already oversupplied market. The selling signals a winding down of a strategy that has seen at least 50 million barrels of oil stored in tankers, equivalent to about one month’s consumption in Britain, although traders said it was not clear how much oil has been sold. A steep fall in the price of crude from last June to January enabled traders to potentially make money by storing oil for delivery at a later date, as the market moved into an unusually large contango, with prices in future months well above the spot price. Traders such as Trafigura [TRAFGF.UL], Vitol [VITOLV.UL] and Gunvor [GGL.UL], as well as energy majors like BP and Shell stored […]