Waiting for a price hike, investors are paying US$68,000 a day to stockpile crude oil
Ever on the lookout for ways to make money on commodities, Morgan Stanley has hired the Argenta, a supertanker capable of carrying two million barrels of oil. But the Argenta won’t be carrying it anywhere, it’s going to stay anchored–until oil prices rise, an expectation for later this year. Using supertankers to store oil until a better market comes along is at an historic high–80 million barrels of oil are now on board ships and not going anywhere.