The US oil market is facing a perfect storm as it trades in negative territory for the first time in history with around 36m barrels of Saudi crude sailing for the US Gulf, and most due to arrive within the next four weeks.
At least 18 very large crude carriers laden with Saudi crude — the majority chartered by the kingdom’s shipping company Bahri — are tracked on the water to the US Gulf, according to Lloyd’s List Intelligence data.
The tankers are a legacy of Saudi Arabia’s now derailed March pledge to flood the world with crude, which first triggered the collapse in oil prices.