Commodities & Energy

Reuters exclusively reports oil traders booking expensive U.S. vessels to store gasoline, ship fuel overseas

Reuters exclusively reports oil traders booking expensive U.S. vessels to store gasoline, ship fuel overseas

Reuters exclusively reported that oil traders are hiring expensive U.S. vessels, normally only used for domestic shipments, to store gasoline or ship fuel overseas in a sign of the energy industry’s desperation for places to park petroleum amid a 30% drop in worldwide demand. Billions of people worldwide are living under confinement rules due to the coronavirus pandemic, destroying demand for gasoline and other fuels and creating a supply glut. Storage tanks onshore and floating storage in tankers on the water are rapidly filling, leaving fewer options for traders looking to sock away oil.