4 ms·
There are a lot of tankers sitting off the coasts. I wonder if they are holding oil that was delivered to speculators, awaiting sale?
by feverishaaron 15y ago
There are a lot of tankers sitting off the coasts. I wonder if they are holding oil that was delivered to speculators, awaiting sale?
- ahelwer 15y agoHere is a basic summary of the economic sense behind floating storage: http://oil-price.net/en/articles/the-case-for-floating-oil-storage.php http://oil-price.net/en/articles/the-case-for-floating-oil-s...
- protomyth 15y agoSome places have things like this http://en.wikipedia.org/wiki/Louisiana_Offshore_Oil_Port http://en.wikipedia.org/wiki/Louisiana_Offshore_Oil_Port that means the tanker doesn't have to come to a traditional port.
- twelvechairs 15y agoOften tankers sit out and wait for the oil price to change marginally (yes, really - its that silly). Other than that, could be many reasons including bunkering (via smaller ships), full port, repairs/servicing, etc.
- philwelch 15y agoIt's not that silly when you work it out. You have a ship holding 2-3 million barrels of oil and a 20-40 crew. It looks like the market price of light sweet crude varies by as much as $1 per barrel per day. Which means a difference of 2-3 million dollars if you come to port today instead of yesterday.
- twelvechairs 15y agoNot silly in that sense. Silly in the pragmatic sense that expensive ships spend considerable amounts of time doing nothing...