There has been a lot of focus on the floating storage strategy in the dirty tanker market because of the contago in crude oil future prices. However, many distillates futures are in contango as well. While some companies operate strictly in the dirty tanker market (crude oil) others operate either solely in the clean market (distillates) or in both. Let's take a look at how floating storage demand is playing out in the clean tanker market.
Young girls and young men, in all their light-hearted innocence, carried the kind, sweet fruit away in their woven baskets, and in their midst a youth with a singing lyre played charmingly upon it for them, and sang the beautiful song for Linos in a light voice, and they followed him, and with singing and whistling and light dance-steps of their feet kept time to the music. - Homer, The Iliad
Image Source: Shield of Achilles by John Flaxman - CC0, public domain
Introduction
Dance has always been a part of human culture. From ancient times until today when people gather together for celebration or merriment, there is always dancing. In ancient Greece, villagers and families would participate in circle dances accompanies by singing. These dances were called Choreia, and is the dance style Homer eludes to in the Iliad.
It is from the name Choreia that we get the modern term chorea, involuntary muscle movements causing twisting or writhing that appears to flow from one muscle to another. This condition can be caused by Huntington's disease or difficulties from a strep infection called Sydenham's chorea or St. Vitus' dance.
Right now, the global economy, especially crude oil and distillate markets are experiencing what amounts to a grand mal seizure. The chorea exhibited in crude oil markets that forced prices into negative territory and upended the futures
