Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.
OPEC, Russia and other major producers have forged a deal to curb production, but it will only reduce supply by about 10per cent and it does not kick in until May. The United States has some refined products storage space left in the area from the Midatlantic to the Southeast and along the Gulf Coast, said Ernie Barsamian, chief executive of The Tank Tiger, a U.S. terminal storage clearinghouse.
"Even the railcars are going to get stacked with product," said a U.S.-based broker who asked to remain anonymous.
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