Oil Tankers Anchored at Sea Storing Crude

Was in upstate Wisconsin other day and unleaded gas was .99 cents a gallon.

 

This is incredibly misleading. 10-15% of the global energy fleet is idle for storage or paying demurrage while they wait offshore to discharge. Floating storage is trading across the liquid tanker market, from VLCCs down to barges on the Rhine. Port delays around the world: China, Singapore, India, ARA, Italy, WAF, USGC, Mexico, Chile, etc.

 

In the pictures*.

 

Oil collapsing this morning. Down 15%, but equities are skyrocketing like there is no such thing as 26 million unemployed or an economic shutdown. Everything is peaches and cream and pretty butterflies amd colorful RAINBOWS!!!!

 

i still believe we are not making new highs but had a lower low recently on the daily, so....

 

sigh ...

we have already removed > 1/2 crude oil that is available since we started sucking oil from ground / sea bed.

hope we have at least 1/4 left.

 

Interview from 2009
Said in 10-12 years peak oil would arrive which is right this minute also Said vehicles would be converted to Natural gas and mentioned fuel cells but nothing about electric cars...

Hmmmmmm

 

Oil
14.16-2.78 -16.41%

 

Yesterday, BB ran an article on this

Singapore Coastline Packed With Ships Full of Oil No One Wants
https://www.bloomberg.com/news/arti...-hub-on-global-storage-scramble?sref=jjnfhs7c

 

I don't mean to be a drag, but what if a hurricane rolls through the area?