Oil players stockpile cheap crude on tankers
Oil demand has plummeted along with home prices and stock market indexes, but discerning where energy demand could go in 2009 isn’t easy.
That’s why, as oil markets attempt to calibrate in the face of this recession, some traders, refiners, big oil companies and other interests have been buying cheap oil in recent weeks and squirreling it away in storage tanks and ships with plans to unload it months from now when prices are higher.
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