Oil plunge sets off search for tanks, revives dormant Cushing storage trade [Reuters]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
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Source: Reuters
Oil plunge sets off search for tanks, revives dormant Cushing storage trade NEW YORK (Reuters) - Rates to store oil at one of the world’s biggest trading hubs are surging, as traders globally scramble to secure space in tanks to cope with slumping demand from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war. The need for a place to park all that surplus crude is breathing new life into the market at Cushing, Oklahoma, the nation’s hub for trading of billions of dollars of crude a day and the town that bills itself “the pipeline crossroads of the world.” Analysts estimate the glut could reach more than 1 billion barrels. Some of the excess crude will be absorbed by nations snapping up cheap oil for their strategic reserves, including India and the United States, but that will only mop up some of the supply. Storage rates in the Caribbean, which have been weak over the past couple of years, have also strengthened over the past week, market sources said. And
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