Oil price crash: Record amounts of oil stored in tankers amid pandemic - Business Insider

A record amount of crude oil is being stored on container ships around the world as oil traders scramble to find places to keep their product amid a rapid decline in global demand caused by the coronavirus pandemic.that traders are frantically exploring storage options for crude oil both on land and at sea, citing multiple shipping sources.

Much of the oil is being stored on 60 super tankers, also known as very large crude carriers , which have a capacity to hold more than 2 million barrels each, Reuters reported. 25 to 40 VLCCs were already in use at the start of April, compared to less than 10 VLCCs in February, according to Reuters, which cited sources.

"This is an unprecedented time in the history of tankers and while VLCC tanker storage is garnering the headlines, smaller crude and product tankers are also being used for storage," Gregory Lewis, a shipping analyst with BTIG told Reuters.

Brilliant moves because buying on the spot Market is going to mean huge profits in the future... The Futures Market

Wow

What could go wrong?

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage - Business InsiderOil has continued to tumble following OPEC's record-breaking production cut as the coronavirus outbreak craters demand. DomingoDeMercados jorgearturosaza CsarCasas jhontxu mvalenciamayor Palacios_Andres feraagra Esta Semana inicia con históricos!!
Source: BusinessInsider - 🏆 729. / 51 Read more »

10 Years After Deepwater Horizon Oil Spill, Industry Says It's Better PreparedThe Deepwater Horizon accident 10 years ago killed 11 workers and dumped 210 million gallons of oil into the Gulf of Mexico. The industry has formed two emergency-response firms for similar incidents, but environmentalists say more regulations are needed. Buy an electric car and kill this industry. Or we could just stop drilling for oil in the Gulf. We've already done irreparable harm there, and we have less than 10 years to radically changed our energy production and consumption in order to avoid the worst case scenarios in the climate crisis. Just something to chew on. Do we still have regulations?
Source: NPR - 🏆 96. / 63 Read more »