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Traders Are Hoarding Oil In These Colossal Ships While They Wait For Prices To Bounce Back
Traders are in a mad dash to rent some of the world's biggest oil tankers so they can store crude while prices remains in record-low territory. The Wall Street Journal reports that TI Oceania, which has been booked by oil traders Vitol, is stationed off Singapore and is likely to remain there for most of 2015. China's Unipec booked Oceania's sister ship, TI Europe, way back in September, when oil prices dropped below $100 per barrel (let's hope they didn't buy the oil then). The ships are giant. Here's the TI Europe, for example: As oil prices continue to plunge amid a supply glut and weaker demand, companies reckon ... (full story)
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Carbon-Dioxide: the gas of life!