Not many people woul\d call it a warehousing problem, but simply put, there is almost no place to put oil production…storage facilities (tank farms = warehouses) are full.  When I asked one oil executive last week when they would use pipelines to store crude, the response was – many are filled already.  This, along with a flotilla of 20 tankers filled with 490 million barrels of Saudi oil headed for Texas and Louisiana, has pushed front-month futures to near-record lows.  Let me explain, futures for May expire in a few days and are not widely traded.  When futures contracts come close to expiration, their price typically converges with the underlying price of physical barrels of oil.  Otherwise, traders could profit from the difference between oil futures and oil barrels.