A decline in crude in floating storage is bullish for prices. Monday's weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -18% w/w to 63.97 million bbl as of Jan 26, the lowest in 3-3/4 years.
https://www.barchart.com/story/news/23677675/crude-prices-decline-on-dollar-strength-and-slow-pace-to-opec-crude-cuts
Woodside, page-531
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