Also the per day price of a supertanker (~2mm barrels capacity) has been skyrocketing to well above 100k$ so speculatively buying and storing is getting riskier. My favorite quote about the storage play comes from the WSJ:
'One of the great trades in modern history involved steep contango and a lot of oil tankers. In 1990, Phibro, the oil-trading arm of Salomon Brothers, loaded tankers with cheap crude just before Iraq invaded neighboring Kuwait and crude prices surged. The trade’s architect, Andy Hall, became known for a $100 million payday and bought a century-old castle in Germany.'
'One of the great trades in modern history involved steep contango and a lot of oil tankers. In 1990, Phibro, the oil-trading arm of Salomon Brothers, loaded tankers with cheap crude just before Iraq invaded neighboring Kuwait and crude prices surged. The trade’s architect, Andy Hall, became known for a $100 million payday and bought a century-old castle in Germany.'