The Most Profitable Trade: ‘Oil All Over the Oceans Right Now’ [Yahoo! Finance News]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance News
) -- To outsiders, the oil trade of the day is so astonishing that even President Donald Trump sounded flabbergasted when he described it.“There’s oil all over the oceans right now. That’s where they are storing oil; we have never seen anything like that,” Trump said this week from the podium of the White House. “Every ship is now loaded to the gills.”With oil demand in freefall, traders are resorting like never before to using the world’s fleet of supertankers as temporary floating storage facilities, filling them with millions of unsold barrels until better times. It’s an unusual trade, but one that’s among the most lucrative around right now, just when everyone on Wall Street struggles to make money.From the coast of Singapore to the North Sea, the tankers are starting to slow down, ready to drop their anchors, holding crude the world economy doesn’t need as fuel demand plummets due to the coronavirus outbreak. And more tankers probably will be needed, as oil supply still runs well
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