Oil price crash to spur storage plays; tanker owners upbeat

摘要

London—With oil prices’ collapse to 16-year lows, traders are looking to hold more barrels in storage to cope with a major supply glut as OPEC+ opens the spigots and the coronavirus outbreak saps oil demand. This bodes well for tanker owners and storage companies, both of which have become more upbeat as oversupply of oil is bullish for freight rates, with more barrels put in storage, tightening tonnage for the spot markets.