The WSJ's blog tag-team called the end of this trade yesterday. We linked with "The Wall Street Journal's Oil Market Contango Tag-Team".
Shipping investor Nobu Su plans to offer his fleet of 20 supertankers to speculators who want to store oil and bet they can sell it later in the year for a profit.
Su’s Taipei-based company, TMT Co. Ltd., will lease out its 2 million-barrel vessels at below-market prices in return for a share of any profit his customers make on the trade in oil. His fleet, able to hold enough crude to supply Europe for two days, is available for immediate hire, he said....
...The average price of storing 2 million barrels of oil on a tanker is about $57,500 a day, depending on the duration of the contract, the quality of the ship and its location, according to data from London-based shipbroker Galbraith’s Ltd. That works out at 86 cents a barrel a month. Traders also have to pay insurance and financing costs....MORE
What a guy!