The oil market flipped into contango in January, indicating an oversupply of the commodity. On January 30, while February futures were priced at $52.14, May Nymex crude settled at $52.23, creating a 9-cent per barrel contango. Since then, the 3-month contango has ballooned to a whopping $7.03 per barrel. With onshore storage becomes increasingly scarce, the volume of oil being stored on ships will continue to rise, delivering a once-in-a-generation opportunity for oil tankers.
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