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originally posted by: onequestion
a reply to: anonentity
China not purchasing iron ore and coal is really bad for us isn't it?
Oil Tanker Backlog in U.S. Gulf Seen as New Symbol of Glut
HOUSTON, Nov 10 (Reuters) – A traffic jam of oil tankers has emerged along the U.S. Texas coast this month, a snarl that some traders see as the latest sign of an unyielding global supply glut.
Oil Glut At 3 Billion Barrel Record
Overabundance of Texas Tea
A November 13 snapshot of oil tankers off Galveston illustrates the problem. Every diamond is an anchored oil tanker, waiting its turn to unload. The ship icons are those lucky tankers who have unloaded, or arriving tankers taking their place at the end of the line.
Busy days at Galveston as tankers crowd the anchorages
But the explanation for the crowded anchorages encompasses far more. George Los, senior market analyst in the projects group at tanker broker CR Weber & Co. told Seatrade Global: “The number of units anchored off of Galveston is largely indicative of congestion and ullage issues.”
Oil Glut Grows: 100 Million Barrels at Sea
It’s no different here. There’s a record amount of crude oil sitting in ships off the Gulf Coast.