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The Hottest Trade in Commodities Is Finding Space to Store Them

  • Traders scramble for storage space as demand craters
  • Oil tanks, warehouses are filling up and costs are rising
Bulk liquid fuel storage tanks stand at the Royal Vopak NV terminal in Grays, U.K.

Bulk liquid fuel storage tanks stand at the Royal Vopak NV terminal in Grays, U.K.

Photographer: Chris Ratcliffe/Bloomberg

When it comes to commodities, the only thing in demand right now is somewhere to put them.

From oil tanks in Oklahoma to wagyu beef refrigerators in Kobe, facilities around the world are filling up with products that can’t get where they’re needed or are simply not wanted at all. The cost of storage is exploding, in sharp contrast to the price of the commodities themselves, which are collapsing amid the chaos of the coronavirus.