Big oil traders are rushing to book tankers with a view to storing a glut of refined petroleum like diesel and jet fuel on the world’s oceans. The interest in floating storage of fuels, one of the clearest signs of oversupply, will be viewed with concern by many of the world’s oil refiners — especially those in Europe — who are dealing with the worst market in years for the two products because of the negative effect the coronavirus has had on demand. Torm A/S, the world’s fifth largest owner of oil-products tankers, says inquiries for storage are increasing, while firms analyzing tanker movements say the amount of fuel being held at sea is rising. Glencore Plc, Vitol Group and Mabanaft Group booked tankers to store fuels. Trafigura Group hired […]