Supertankers are Anchored

Sunday, October 11, 2009

Supertankers that once travelled the world to satisfy a rising thirst for crude oil are now parked offshore, loaded, anchors down. In the United States, vast storage farms for oil are almost out of room. So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit in a future oil bull market.

As demand for crude has fell of a cliff, the world suddenly finds itself awash in oil that has nowhere to go.

It's been less than a year since oil prices hit record highs, but now producers and traders are struggling with the new reality: The world wants less oil, not more.

Oil Traders Blog is a website for active online oil futures traders. We provide research and relevant oil and energy related news for the oil trader or daytrader.

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