Sheela Tobben and Javier Blas

Government, Business, Fuel, Logistics

Oil Traders Snap Up Tankers in Sign Second-Wave Glut Is Near

Oil tankers sit anchored off the coast of Long Beach, Calif., on April 22. Oil tankers sit anchored off the coast of Long Beach, Calif., on April 22.(Tim Rue/Bloomberg News)

Some of the world’s biggest oil traders are getting ready for the possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for monthslong charters so that they can be ready to store excess barrels if necessary.

September 11, 2020