If you're a VLCC owner, how about making your ship available for $13,000 a day for a floating storage opportunity?
No?
Well then, that's pretty much it for the contango and floating storage market based on current Brent crude prices, according to a new client note from Evercore ISI equity analyst Jonathan Chappell.
"Backwardation is coming...or is already here," Chappell proclaims in the note, which otherwise seeks to read the tea leaves for the upcoming Opec+ negotiations on production cuts.
