Overflowing Oil Tanks Have Traders Eyeing Rail Cars for Storage
- Producers, refiners and traders looking to lease tanks cars
- World to run out of oil storage space by mid-year: IHS Market
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Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels.
North American producers, refiners and traders are now looking to store excess oil in rail yards in Texas, Saskatchewan and Manitoba amid the crude market’s historic plunge and collapsing demand, according to people familiar with the matter.