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Oil

Oversupply, coronavirus put US crude oil storage in the spotlight

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Listen: Oversupply, coronavirus put US crude oil storage in the spotlight

US crude storage has quickly become an overwhelmingly important issue as the global market continues to grapple with an oversupply of crude and dramatically dwindling demand in light of the coronavirus pandemic.

A steep contango in the oil market structure has created the huge incentive for traders and producers to store away their barrels instead of selling it on a prompt physical basis and this is quickly overwhelming storage availability.

Joining the podcast is Richard Redoglia, the CEO of Matrix Global Holdings, which launched the world's first futures contract on crude oil storage capacity and holds monthly storage contract auctions.

See Platts Live for additional coronavirus coverage.