The coronavirus pandemic and related self-isolation measures have triggered a massive fall in global demand for oil. Traders are now struggling to find storage space for excess crude, hoping that demand will increase rapidly once the lockdowns are lifted. A record 160 million barrels of oil is currently being stored in large tankers outside shipping ports due to a lack of storage space, Reuters reported citing sources from the shipping industry. This represents the highest level of tanker-stored oil since 2009, when over 100 million barrels were floating at sea, and double a previous estimate from two weeks ago.
Poster Comment:
Loddy, you are in Texas, get a boat and go out to sea to get us some cheap oil. Might come in handy this coming winter when prices go back up. Actually, prices should bounce higher as soon as the lockdown orders are lifted.