Apr 28, 2020 - Energy & Environment

Tankers idling off California coast illustrate global oil glut

Ben Geman, author of Generate

Photo by Petty Officer 3rd Class Aidan Cooney, U.S. Coast Guard

Oil tankers are parked off the California coast instead of unloading — a stark sign of the global glut now that demand has collapsed and storage is filling up.

Driving the news: There are 20 oil tankers anchored off southern California ports, with 15 that may remain for an unknown and extended period, while five are slated to offload in the next several days.

  • That's according to Captain Kip Louttit of the Marine Exchange of Southern California, which operates vessel traffic in the region on behalf of the U.S. Coast Guard.

The big picture: "About three dozen massive oil tankers are anchored from Los Angeles and Long Beach up to San Francisco Bay, turning into floating storage for crude oil that is in short demand because of the coronavirus," NPR reports.

Go deeper

Better-than-expected jobs report boosts stock market

Data: Yahoo Finance; Chart: Axios

The S&P 500 jumped nearly 3% on Friday after a stronger-than-expected May jobs report showed that an economic recovery could be underway.

The state of play: Stocks have rallied since the worst of the coronavirus sell-off ended in late March and looked past a spate of ugly economic reports — not to mention civil unrest.

The Athletic lays off 8% of staff, implements company-wide pay cut

Adam Hansmann (left) and Alex Mather (right), co-founders of The Athletic. Photo: Steph Gray, courtesy of The Athletic

The Athletic is laying off nearly 8% of staff, 46 people, according to an internal memo obtained by Axios.

Why it matters: It's the latest media company that's been been forced to take drastic measures to survive the economic fallout from the coronavirus. Like many sports media outlets, The Athletic has been particularly impacted by the loss of live sports.

Unpacking a surprise jobs report

Illustration: Rebecca Zisser/Axios

Can we trust this morning's surprisingly good employment report?

  • The short answer: Yes.