Ping!
I want the franchise for spraying liquid bedliner into the containers of the container ships. Maybe that’s the next place to store it, now that we’re not buying as many poisoned toys and one-use electric tools from China any more.
they must think oil will go up significantly.
“Frontline, which owns the world’s largest fleet of supertankers, said yesterday that around 80 million barrels of crude are currently sitting in storage in the hulls of various ships around the world.”
That’s about a day’s worth of oil, correct?
Another cattle call for a bubble.
Just what we need. Morgan Stanley wants to do their part to drive up oil prices again. Didn’t they get some bailout money? We would have been better off, if they had just gone under.
This is going to end badly for those storing crude, imo.
Crude will continue falling and will be in the $25 range before too long. And then many of those holding these vast amounts of oil in storage will finally capitulate for some reason (margin calls on other investments, more deflationary data/demand destruction) and panic sell driving the price lower and lower.
$15/bbl crude by April or sooner.
Of course, the massive hyperinfation heading our way within a few years might make these gambits hugely successful long-term.
As we saw last month, the price of oil drops abruptly when it nears the end of the trading month. The speculators keep betting that the price is going to turn around, but when it comes time to fish or cut bait, they have to bail on their contracts. Look for another spike when March becomes the front month on the futures trading, followed by a similar cycle.
What could go wrong with that?
Do they have any idea what $2M worth of oil even looks like?
This is going to be funny, I don't care who you are.
/johnny
I can just imagine those little Wall St faggots astride their big bad super tanker toy
Ping
Ping
Sounds like some people got caught hoarding $140/bbl oil? Was that crisis manufactured and now there is a glut?
Pray for W, America and Our Freedom Fighters
We saved the financial sector, and they pay us back by trying to drive the price of gas back up.