Oil Supertankers Must Park - No Place to Offload

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lubricatosaurus

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SuperTanker parking lot in the Gulf of Mexico and elsewhere! Its my fault, I just got an electric car and hybrid, waiting to gloat when prices go up later, but not now.
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Anyway, if you haven't seen this, it seems like a rare condition. Enjoy it while you can.

http://money.cnn.com/2015/11/22/investing/oil-glut-tanker-traffic-jam/index.html

150604124346-oil-supertanker-780x439.jpg

151120123412-oil-tanker-traffic-780x439.jpg

Each circle above represents a big boat with .75 to 2 mil barrels of oil!
 
Wow they're tightly packed in there. Guess the map didn't include the port of Houston. It would be like 25 dots in one spot. lol Usually it's like one ship every mile or so off the coast of Galveston.
 
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Originally Posted By: lubricatosaurus
Each circle above represents a big boat with .75 to 2 mil barrels of oil!



Mad-Max-Fury-Road-Immortan-Joe.jpg


*heavy breathing*
 
MinamiKotaro, I just saw that Mad Max movie! They would be capturing those parked oil superTankers. Ha!

I just hope none sink or encounter a storm. Shouldn't be in hurricane season now though.
We can't take another BP-scale oil dump in the Gulf.
 
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The world economy is poor. A good world war will be the reset to pick it up.
 
Yep.
Lots of speculators hoping (praying, begging?) that oil prices increase and they can cash in on the inventory they're holding.
Too bad that prices continue to decline.
I feel as badly for them as they did for me when oil was a hundred bucks a barrel.
 
Warm winter so far in the Northeast. I'm sitting on wood and burning #2... slowly.
 
Originally Posted By: fdcg27
Yep.
Lots of speculators hoping (praying, begging?) that oil prices increase and they can cash in on the inventory they're holding.
Too bad that prices continue to decline.
I feel as badly for them as they did for me when oil was a hundred bucks a barrel.


lol Yeah I need to go fill up all my things. I never seem to take advantage of the low prices then it always goes up like 15 cents a gallon whenever I fill up.
 
Exactly, they had NO MERCY when gas was $5.50 a Gallon up here in Montreal.

I wish I had a place to plug in a used Nissan Leaf... When the Fit is gone in (hopefully 5+ Years) I hope they come up with a few new breakthroughs.

It is nearing an end, the oil days... They will sell it at any price now to keep people buying gas guzzlers, it is their only hope at this point to at least slow progress away from oil.

Really, they were just their own worst enemy.
 
Originally Posted By: fdcg27
Yep.
Lots of speculators hoping (praying, begging?) that oil prices increase and they can cash in on the inventory they're holding.
Too bad that prices continue to decline.
I feel as badly for them as they did for me when oil was a hundred bucks a barrel.


After oil prices tanked, I bought airline stocks as a play on cheap jet fuel (JetBlue, Southwest, Delta Airlines) cause ticket prices didn't drop 50%.
 
Originally Posted By: Falken
Exactly, they had NO MERCY when gas was $5.50 a Gallon up here in Montreal.

I wish I had a place to plug in a used Nissan Leaf... When the Fit is gone in (hopefully 5+ Years) I hope they come up with a few new breakthroughs.

It is nearing an end, the oil days... They will sell it at any price now to keep people buying gas guzzlers, it is their only hope at this point to at least slow progress away from oil.

Really, they were just their own worst enemy.


No doubt about that. OPEC is scrambling because of American oil frakking, and the rest of the industry is reading Car&Driver about the next Chevy Volt, Tesla Model 3, etc. and dumping their pants.

Love my ICE's, but I also like watching big oil begin to pay for its abuse of the public, and all of those lies about the increase in demand by China and India.
 
An interesting play.
Airlines have done well recently, but that's more a product of M&A activities taking competitors out of play than it is lower fuel prices, although cheaper fuel has certainly helped.
In past eras, cheaper fuel would have ignited a fare war and brought increased flights with more cheap seats to sell.
Not this time.
 
I'm not sorry at all for those greedy speculators having to pay to park the oil they're now stuck with. They raked it in when oil was up, now they get to pay to store it in really expensive mobile storage units.
 
Electricity will not go down due to most of it produced with coal and Nat gas. Those tankers are riding high in the water and look empty.
 
For some reason I have a feeling that they park it to "avoid" someone else having the capability to move oils around the world cheaply. But to make it less suspicious, they have to fill it up with oil to play victim.

There's still a way to prevent oil getting cheaper, or to prevent foreign oil getting domestic oil cheaper, it is to remove the transportation or storage capacity.

Goldman Sachs did that to the aluminum market by overloading the warehouses and transportation in and out of it.
 
OPEC is just trying to drive the new domestic producers out of the market. Then they can get the price back up.
 
Originally Posted By: hatt
OPEC is just trying to drive the new domestic producers out of the market. Then they can get the price back up.
I've heard of that basic strategy by OPEC. I'll assume its true.

Originally Posted By: PandaBear
There's still a way to prevent oil getting cheaper, or to prevent foreign oil getting domestic oil cheaper, it is to remove the transportation or storage capacity. Goldman Sachs did that to the aluminum market by overloading the warehouses and transportation in and out of it.

Funny you should mention GoldmanSucks. A favorite book of mine, "the Big Short" is now a movie out in a few weeks, about the massive shenanigans on Wall Street we all suffer directly from. Where did you hear or read that GoldmanSucks rigged the aluminum market? Reminds me of the great cocoa scandal http://www.nytimes.com/2010/07/25/business/global/25chocolate.html?_r=0 .
 
lubricatosaurus,

cool handle...LOL

opec may be trying to control price short run, but world oil supply and demand are in full control in the long run.
 
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