Oil traders unfazed by recent supply shocks
Ample oil inventories near record highs on ships and land leave buyers in no hurry to lock down new crude supply
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OIL traders from Houston to the North Sea are tapping plentiful storage onshore and offshore, evincing little sign of concern yet about mammoth supply losses from Canada to Nigeria that has knocked out about two million barrels a day (bpd) of output.
Ample oil inventories near record highs on ships and land have left buyers in no hurry to lock down new crude supply. Many have even shunned offers of fresh cargo. Traders said that there was an overhang of physical oil in Nigeria, with more than 20 June loading cargoes available. In Angola, there were nearly 10 June-loading cargoes.
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