Saudi Oil Rush Threatens to Disrupt Stabilizing U.S. Market
- Over 30 tankers are heading to the Gulf Coast and West Coast
- American oil glut showing signs of easing with inventory drop
Photographer: Eddie Seal/Bloomberg
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An armada of tankers filled with Saudi Arabian crude steaming toward the U.S. threatens to prevent America’s oil glut from draining, which is only just beginning.
Over 30 ships are set to arrive on the U.S. Gulf Coast and West Coast during May and June, according to ship tracking data compiled by Bloomberg. The more-than 50 million barrels of Saudi crude on the water threaten to upend a positive supply development: U.S. crude stockpiles declined for the first time since January and inventories at the Cushing, Oklahoma storage hub contracted by the most in months.