Tradewinds: Brokers Remain Cautious on Contango Hype

“US broker Poten & Partners, in a report looking at the storage prospects off Saldanha Bay, said activity is not strong enough. ‘A few suezmax fixtures from traders to South Africa ‘do not a trend make,’ and the oil market contango is not yet steep enough to warrant using tankers for floating storage, especially if there appears to be ample onshore storage capacity available,’ it said.”