Oil in Middle Eastern Floating Storage Increased By 38 Million Barrels (USO BNO)

**From last week to this week storage of Middle Eastern Barrels on the water increased from 12.7 MB to 50.9 MB.** Many of those barrels are stranded in the Persian Gulf and not moving to other ports. For reference prewar numbers fluctuated around 7-8 MB. **This is a slow moving train wreck not a head on collision.** Asian floating inventories trickled down week over week from 44.1 to 42.7 MB as some of the last ships to leave preconflict arrived in port. **My price target for oil is still $150 in April, but it may not reach that number overnight.** Inventory stocks are still high in some regions, the SPR release is dampening the hits. These tankers sail at 10-15 knots and travel thousands of miles. No matter what happens we are going to see wild swings. **Positions and disclosure:** I am a retail trader and not an oil or financial professional. I hold open Calls in USO and BNO, and puts against airline and high volatility stocks.