Something Very Strange Is Taking Place Off The Coast Of Galveston…”The storage glut is global…”
by Tyler Durden
ZeroHedge.com
11/12/2015
Having exposed the world yesterday to the 2-mile long line of tankers-full’o’crude heading from Iraq to the US, globally the glut is becoming gargantuan. While the crude oil tanker backlog in Houston reaches an almost unprecedented 39 (with combined capacity of 28.4 million barrels), as The FT reports that from China to the Gulf of Mexico, the growing flotilla of stationary supertankers is evidence that the oil price crash may still have further to run, as more than 100m barrels of crude oil and heavy fuels are being held on ships at sea (as the year-long supply glut fills up available storage on land). The storage problems are so severe in fact, that traders asking ships to go slow… and that is where we see something very strange occurring off the coast near Galveston.
The Rest…HERE
