Wall Street Manna

An irreverent look at Wall Street

Tuesday, January 12, 2010

26 miles of idled oil tankers storing crude


At the end of last year, no-one cared about oil stored in tankers. Even though we had 26 miles worth. And even though 26% of it was going to be off-loaded in the next six months.

Every banker played the oil contango by storing crude.

At these levels, a pullback in oil, should be in the cards.

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