As the price of oil meanders around in the middle of its range of the last year, the question becomes which way does it go now? If a recent Bloomberg News story is any indication ("Shell, Vitol Hire Tankers to Store Crude in US Gulf."), barring a major disruption in supply, the high side of the range does not appear likely. According to the story, several oil companies have been storing oil on tankers out at sea, rather than adding incremental supply to the market.
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