When the coronavirus pandemic hit, the global economy ground to a halt. Shutdowns in countries across the globe put a brake on travel and on industrial production, and demand for the oil that fuels those industries dried up.
But oil suppliers didn't stop pumping straight away, and the result was a massive glut of crude on the market. Storage facilities filled up, and speculators who had bought oil futures found themselves desperately casting about for places to put the oil that was about to be delivered to them. At one point, in April, oil prices fell below zero as investors found they had to pay people to take the oil off their hands.
Suddenly, oil storage capacity became an enormously valuable commodity. Oil storage companies began to innovate to create new capacity, and people who'd never considered storing oil started retooling to take advantage of an unusual opportunity.
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July 15, 2020 at 04:00AM
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How companies are storing surplus oil : The Indicator from Planet Money - NPR
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