Flotilla of Oil Tankers Flock To The Seas To Act As Temporary Storage

Tankers everywhere are acting as temporary storage capacity.
A small flotilla of tankers full of crude is idling near the busy shipping lanes.
They are a potential source of oil price volatility for months to come.
The reasons for most of this expensive excess storage is obvious: the global supply glut.
Tankers carrying enough crude to satisfy 20% of the world’s daily consumption gathered off the California coast.
The eventual unloading of all of these floating supplies will have a significant...