"Oil traders could park as much crude offshore in the next few months as Denmark consumes every year"
Oil futures are in contango meaning that the futures price is significantly higher than the spot price. That sets up an arbitrage opportunity to sell at the future price and simultaneously buy at the spot price and store in sea-going tankers. Yes - for months at a time, ships just sitting in harbours, full of crude oil. And at risk of stating the obvious, all of that oil being bought now (at the futures price), depresses future demand:
"There's always a bull market somewhere"
