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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