The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: EC on April 07, 2017, 08:11:19 am
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Three gasoline tankers have spent the past few weeks floating around the Caribbean with no direction for delivery. Together they carry 1.35 million barrels of gasoline and octane booster and some quick (bad) math puts that somewhere around $100 million worth of fuel.
The ships are hanging out in the waters above the Bahamas as their owners are trying to shop around different markets, as Bloomberg reports:
Three tankers holding about 1.35 million barrels of gasoline and alkylate, an octane-boosting component blended with motor fuels, are drifting with no instructions for delivery. The cargoes came from India with intent to land in the U.S., but now they’re in limbo as traders from Trafigura Group Ltd. and Mercuria Energy Group Ltd. shop around for the best selling value in the region.
More: http://jalopnik.com/homeless-tankers-are-aimlessly-wandering-the-seas-carry-1794094164
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If that's the case, why are crude oil prices (and gas prices at-the-pump) trending up as of late?
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If that's the case, why are crude oil prices (and gas prices at-the-pump) trending up as of late?
Likely they are 'shopping' for the port of call who offers best price.
It is staggering the complexity of crude, product and gas exchanges. In a day, the price and customer can change 20 times.
Think NY stock market