Saldanha Bay in South Africa is home to one of the world’s largest crude storage facilities, with a current capacity of 45 million barrels (although more is coming online later in the year ). An article published last September said that various trading houses were selling crude from the storage hub after the market had flipped into backwardation (when near-term prices are higher than those further into the future), disincentivizing crude storage – be it onshore or offshore (aka floating storage). At that time, crude leaving the storage terminal was as elusive as the Loch Ness monster. (Click to enlarge) That said, come November, our ClipperData showed […]