The world may have to get used to oil turning up in unusual places. An enormous glut of crude sparked by the coronavirus pandemic and the resulting collapse in demand has overwhelmed the global distribution system. Oil markets broke down this week as buyers vanished for lack of storage space. At one point, the squeeze was so intense, sellers with oil at a key U.S. delivery point in Cushing, Okla., were paying buyers to take the stuff off their hands. Prices have since stabilized a bit and were trading Friday afternoon at around $16 a barrel for the U.S. benchmark. But storage at Cushing is on track to be fully in use by mid-May, threatening similar price drops if buyers can’t find alternatives. The oil tanker Chemtrans Cancale waits to dock at Port Everglades, Fla., on April 20. Photo: Joe Raedle/Getty Images The math is unforgiving. The world normally […]