The oil industry’s glut has a bright spot: tanker storage

NEW YORK TIMES 🔒| The price of oil has plunged, but the price of finding a place to put it has soared. And if you are in the business of providing a temporary home for the world’s glut of crude, you’ve hit the jackpot. More and more massive tankers at sea are being used simply to hold the oil — as much as two million barrels per vessel — until it is wanted. Other vessels are busy carrying it to buyers like China, which is taking advantage of prices not seen in two decades. Tankers are in demand, and their rates, as low as $25,000 a day in February, have ballooned to nearly $200,000 a day, even hitting almost $300,000 at one point.

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