Rising reserves of unused oil put strain on storage
Rotterdam, Europe's biggest port, is running out of room for more oil, US reserves are at a 19-year record and tankers are being used as floating storage off Britain's south coast, even though OPEC is reducing production.
"From a commodities point of view, world trade is appalling and the demand is just not there," said Ahmad Abdallah, commodities analyst at Gavekal, the economics consultancy. "All inventories are rising – they are bursting at their seams."
If oil execs were to start getting 'handled' properly, prices wouldn't do this.
1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "
"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams
Yep, some definite market manipulation going on there with a glut of supply and prices rising. Hopefully once they've filled every container ship and storage vessel then the price of oil will have to drop.