Nigeria Sits on 34 Mln Unsold Barrels Oil

[Marina Schwarz + 1,576]

Apparently, there's 20-34 million barrels unsold Nigerian crude, because lots of buyers are opting for US light crude because it's cheaper. If we add to that the 18-month high levels of floating oil storage in Europe those upbeat demand forecasts start looking a bit doubtful, no?

[Jan van Eck + 7,558]

And watch the price fall off a cliff when the speculators start to panic.  People with forward contracts into huge unsold piles tend to get nervous.