Forced to Store Fuel at Sea, Oil Refiners at Breaking Point [Yahoo! Finance News]
TORM plc - Class A (TRMD)
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Source: Yahoo! Finance News
) -- Oil refiners are hunting for vessels to store jet-fuel and gasoline that nobody is buying, sending freight rates sharply higher, an indication that the global refining system is fast approaching a breaking point.Until now refiners had mostly been storing unwanted product on site, but the latest indication from the tanker market suggests they are now being forced to place their output into ships. With local demand sharply down, if they can’t find storage, they’ll be forced to trim output, or even shut down completely.“The shipping market is now the main bottleneck,” said Torbjorn Tornqvist, head of commodity trading giant Gunvor Group Ltd. “We are fast approaching the crunch point whereby it will be hard to find any ships, and shipping rates are currently? stratospheric,” he added in an interview.If the refiners are forced to reduce their processing rates, it would mean even less demand for crude, creating a ricochet effect through the oil market.The sign of a global hunt for tank
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