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Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!

 
The Chef
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02/24/2011 05:41 PM
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Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
Jan. 9 (Bloomberg) -- Investment banks want to hire supertankers to store crude oil at sea, seeking to profit as futures contracts get more expensive later in the year, according to Frontline Ltd., the largest owner of the ships.

A few banks are asking about Frontline’s vessels, Jens Martin Jensen, the Singapore-based interim chief executive officer of its management unit, said by phone today.

The banks, which tend not to hire ocean-going tankers, are seeking to profit from a market situation called contango where futures prices are higher than the cost of immediate supplies. A purchaser could buy oil now, keep it for months at sea and fetch better prices by selling oil futures that are higher than the spot price.

The companies exclude Citigroup Inc., Jensen said, declining to identify them. Its Phibro LLC commodities trading unit has the 1 million-barrel Ice Transporter stationed off northern Scotland, according to people familiar with the matter. Hedge funds aren’t trying to conclude such deals, Jensen said.

‘Significant Returns’

Morgan Stanley owns half of Heidmar Inc., a company that operates oil tankers on behalf of groups of owners. Goldman Sachs Group Inc. trades commodities through J. Aron & Co. Barclays Capital noted the potential for profit as early as November, saying in a report that traders could make “significant returns” by storing oil and copper.

[link to www.bloomberg.com]

Last Edited by The Chef on 02/24/2011 11:12 PM
Anonymous Coward
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02/24/2011 05:42 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
bump

Pin this ShiT!~
The Chef (OP)

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02/24/2011 05:42 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
It looks like somebody knew something was coming for sure.

The Banksters get rich again.

WTF?
The Chef (OP)

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02/24/2011 05:52 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
Banks using Government Bail Out Money To Speculate On Oil Futures...

[link to www.economicpopulist.org]
The Chef (OP)

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02/24/2011 05:58 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
bump

Pin this ShiT!~
 Quoting: Anonymous Coward 1189738


I am surprised nobody else remembers?

They began buying large amounts of oil because the knew it was about to go way up. WTF?
Anonymous Coward
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02/24/2011 06:02 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
it takes some real gonads to do some chit like this...
The Chef (OP)

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02/24/2011 06:52 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
it takes some real gonads to do some chit like this...
 Quoting: Anonymous Coward 1276268


Yes, yes it does
TheBonne

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02/24/2011 07:02 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
It's paying off big time. I would have done it.
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The Chef (OP)

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02/24/2011 11:12 PM
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Re: Remember This From 2009? "Investment Banks Storing Oil In Super Tankers Offshore" WTF?!!!!
bump

For the night crew...

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