http://realmoney.thestreet.com/arti...hoo&cm_ven=YAHOO&cm_cat=PREMIUM&cm_ite=003190 So a VLCC tanker holds 1.1 to 2.2 million barrels of oil. (and the ULCC tankers hold up to 3.9 million barrels). With rates at $20k per day, I imagine it wouldnt take too many tankers sitting on this oil to drive the price up. Frontline (FRO) has about 27 empty ships right now that could theoretically hold about 50 million barrels of oil. The chairman of FRO is worth a little over $10 billion dollars, so it probably wouldnt be too hard for him to fill up a few ships, make money on the oil, have his company make money on the shipping rates by having his tankers full(which would in turn push the price of the stock up). The april 105 put options would cost him about $12.5 million at todays prices to cover 50 million barrels of oil, and every dollar oil goes up is $50 million in his pocket. If he did this(or some other billionaire or hedge fund), Oil could spike to $120-$140 pretty quick. Who doesnt want to make a billion dollars for a few months work while only risking $12.5 million in puts (+ $32 million in tanker rates which he would get back as his stock rises) Hoarding the oil in his tanker company would help make sure FRO stays on top of the other shippers that compete with them in a time when shippers are suffering pretty hard.