An interesting insight into the current situation from analysts knowledgeable in the freight sector that seems to be a bit more optimistic than most media sources.
Positives: It seems highly unlikely that we will experience a real world storage crisis, which should decrease volatility and short-term prospects for the POO. The dramatic decreases in average storage costs since April support this.
Negatives: speculators holding oil and the high ongoing storage costs may depress the POO for 6-12 months as spot supply/demand comes back into equilibrium due to speculators offloading oil at a discount.