Later this week Shell and Exxon report earnings, and a big question is: Where will wobbly oil prices go next? It’s a matter of global demand and supply – as well as an important factor of how much oil is being stored around the world.
For more than a year, the world has been working off an oil glut. Now, some of that surplus has gone into storage caverns and containers around the world. That has helped keep crude prices soft. Exactly how much is in storage is a bit of a mystery.