Rotterdam is full

Rotterdam's chemical storage tanks were already full at the beginning of the year, a Vopak executive told me at the ICIS Baseoils conference in February, and now Europe's largest port is running out of space to store crude oil.

Plunging demand for fuel is triggering a growing global supply glut, and Rotterdam's storage capacity of 75 million barrels of crude or oil products is almost full, with another 100 million barrels of crude being stored at sea aboard supertankers, according to this article in Monday's Times.