Storage at sea not profitable… Bloomberg

March 21, 2016 by Jim Colburn Leave a Comment

Here is the link:

http://www.bloomberg.com/news/articles/2016-03-21/why-the-global-oil-glut-might-not-fill-swimming-pools-after-all

“The biggest change between now and a month ago is oil supply that’s been unexpectedly curbed. One pipeline linking the the northern part of Iraq to the Mediterranean Sea halted in mid-February, while another from Nigeria was hit by sabotage. U.S. oil production is threatening to drop below 9 million barrels a day for the first time since November 2014.”

“The gap between first and seven-month futures narrowed to $2.59 a barrel on Monday, down from $5.07 a barrel on Jan. 29. It’s simply “nowhere near” enough to cover the cost, Ted Petrone, vice chairman of tanker operator Navios Maritime Holdings Inc. said on March 3.”

Commodity Research Group (CRG), founded by veteran analyst Edward Meir, is an independent research consultancy specializing in base and precious metals, as well energy products. The Group provides research and general price analysis for these markets, along with advice to companies seeking to construct commodity hedging strategies.

Our associates bring decades of experience to the table, as they seek to help our clients understand the markets. CRG will distill the myriad of pricing variables mentioned above into coherent research that is to-the-point and tailored to a clients hedging or pricing needs. In addition, CRG is available for consulting assignments and speaking engagements. CRG does not manage money or trade for itself.

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