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Oil Traders Look to Floating Storage as Onshore Tanks Fill

  • Vitol says this is a `good time' to own crude oil tankers
  • Trading houses earned billions of dollars from strategy in '09
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Oil, Gas Markets: Demand Destruction and Supplies

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The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year.

While the company’s Chief Executive Officer Bob Dudley bemoaned this bearish outlook for oil, traders were eyeing a potentially profitable opportunity: turning supertankers into temporary floating storage facilities.