Glencore Said to Store Oil at Sea Off Singapore in Contango Bet

  • Company storing supply in at least 4 very large crude carriers
  • Prompt cargoes currently cheaper than those for later delivery

Why Oil Prices Won't Recover Anytime Soon

Glencore Plc is said to be storing oil on ships off the coast of Singapore and Malaysia as a market structure known as contango allows traders to benefit from holding on to supplies for sale later.

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