Originally Released on 27 July 2017
World floating storage
Floating storage averaged 71.2 million barrels over the last 30 days, down from a peak of 100 million barrels in June. Floating volumes in the Malacca Strait dropped sharply averaging 8.5 million barrels over the last month down from 26 million barrels in June.
Floating volumes on the North Sea remain high, but several ship-to-ship transfer operations and a high amount of vessel movement in the Southwold STS area is an indicator that these barrels are likely to clear towards Asia or feed into local demand.
Libyan export growth continued in July, outpacing export volumes seen in June by a slight margin. The Ras Lanuf, Zueitina and Zawyia terminals are driving this growth.
Nigerian exports are likely to drop for the third consecutive month, largely a result of force majeure declared at Bonny following attacks on the pipeline there. The last vessel to load at the installation was the Eser K on July 17th. Zouzou N. and Evgenia are currently stopped in the West African Gulf. Both signaled a Bonny ETA of July 26th and July 27th respectively. The Nordic Moon and Front Clipper also signaled Bonny as the next destination of loading with August 3rd and August 7th expected arrival dates. Hence, it is likely that operations will shortly resume at the terminal.