Oil’s Nightmare Scenario of Storage Exhaustion Starts to Fade

While the global oil market remains in a dire situation, it’s starting to look like the nightmare scenario envisioned for the past month might just be averted. The industry feared a flood of unwanted crude would overwhelm the world’s storage tanks as fuel demand was shattered by the coronavirus. Once that “storage wall” was hit, producers would be forced into a chaotic wave of potentially damaging shut-ins at oil wells.

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