Home › Forums › Refining Community › Refinery News › Update – Shell (& others) Sells Speculated Oil Cargoes › RE: Update – Shell (& others) Sells Speculated Oil Cargoes
The Speculation rats are selling their stored tanker cargoes as the Crude Contango, freight & market that drove the gamble is disappearing. Lets hope they dont get out of it unscathed. Putting the over 80 million barrels from 30 vessels back into the market (prior to gasoline season actually starting) is going to keep crude prices depressed longer & be real kick in the head for OPEC’s Venezuela, Iraq & Saudi’s not to mention the Russians……cannot see how that is bad thing for Refiners until product prices pick back up.
Since it sounds like Citigroup is going sell some of its vessels perhaps the freed funds (probably sourced back to some bailout bucks it got from bailout) can be used for doing its real job of releasing funding to loans …… like the one it holds on the LyondellBasel credit agreement so they dont have to stay in Chapter 11 because inventory prices fell & triggered a stupid lump sum payment. Nahhh that isn’t likely since neither the SEC, Congress or Bailout is overseeing them the way it was advertised.