"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.World Economyread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
On Sunday, the 71st Primetime Emmy Awards will honor the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
Gluskin Sheff's David Rosenberg reinforces his recession forecast following the Federal Reserve's September meeting.Futures Nowread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
In a clear sign that the glut is abating, oil in floating storage has plummeted in the past few months.
Although the oil stored in ships is a relatively tiny portion of world oil inventory, it is a good early indicator of what is transpiring in the murky physical oil market.
A rise in floating storage is driven by a confluence of cheap shipping and oil prices that are depressed near-term but higher long-term (known as a contango market), thus rewarding arbitragers who hang on to the oil rather than sell it on to end-user refineries.
"The contango market is no longer working and Dubai is in backwardation," said the Energy Aspects chief oil analyst Amrita Sen, referring to a market with higher prices for prompt versus future delivery.
Floating oil storage – defined as a full tanker docked for at least a week – "is a broad indicator to the extent there is a rebalancing and the crude overhang is being run down slowly", said Ms Sen, who added: "by no means is the crude overhang gone".
Tracking the physical oil market, including floating storage, is a highly imprecise science. It involves various competing analysts using methods ranging from satellite tracking and algorithms to individuals standing on the shore with binoculars.
Read more from The National:
One of the big mysteries in the market is Iranian oil stored in offshore tankers, which is excluded from Energy Aspects' data.
Ellen Wald, an independent energy and geopolitics analyst, pointed out that there is dispute among analysts about how much Iranian oil is stored.
The estimates range from 30 million barrels to 47 million barrels, with the difference giving very different signals about how much oil Iran is capable of producing at present. It was a key question during tense negotiations within Opec about whether and to what extent Iran might be required to contribute to production constraint if they can agree a deal by the end of November.
"If Iran actually has had more oil in offshore storage than [some analysts] report, it could mean that Iran's production levels are less than otherwise believed and that its exports over the last few months have come from stored oil," Ms Wald said.
Still, the virtual disappearance of non-Iranian floating oil storage – from an estimated 75 million to 80 million barrels to about 10 million barrels – is supported by data from the largest consuming countries. Commercial inventories in the wealthy OECD countries fell in August for the first time since March, and early September data for Japan and the US showed the trend continuing, according to last week's report from the OECD energy think tank, the International Energy Agency.
The National and CNBC are global content sharing partners. This article originally appeared on