FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent’s front month spread is back in contango, a situation where the futures price of a commodity is higher than the spot price. This structure of the market encourages storage of oil. “The sum of all petroleum inventories for crude and oil products in those locations has seen a build in March, a big change from January and February with large inventory declines,” he said.
Despite weaker-than-expected demand in recent weeks, analysts said demand was expected to start outstripping supply in the second half of the year.
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