Saudi Oil Rush Threatens to Disrupt Stabilizing U.S. Market [Yahoo! Finance News]
Morningstar, Inc. (MORN)
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Source: Yahoo! Finance News
) -- An armada of tankers filled with Saudi Arabian crude steaming toward the U.S. threatens to prevent America’s oil glut from draining, which is only just beginning.Over 30 ships are set to arrive on the U.S. Gulf Coast and West Coast during May and June, according to ship tracking data compiled by . The more-than 50 million barrels of Saudi crude on the water threaten to upend a positive supply development: U.S. crude stockpiles declined for the first time since January and inventories at the Cushing, Oklahoma storage hub contracted by the most in months.The U.S. is facing a tsunami of Saudi oil -- the lingering effect of a price war between Riyadh and Russia back in March -- that led the Middle East nation to slash pricing of its grades to multi-year lows and flood the market. The wave of supply occurred even as the Covid-19 pandemic was beginning to rapidly weigh on petroleum demand. A fifth of global consumption is still seen disappearing this quarter alone.“The expected Saudi d
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