Oil tanker rental rates have been going up lately (up 27%) to 2008 prices. The reason is speculators are buying oil and storing it in tankers in international waters.
The Chinese are buying oil like there is no tomorrow; and the shape of the oil-futures curve are the cause. Near-term Brent crude contracts are cheaper than those further out.
So speculators are thinking oil is about to go way up; and they will then sell their oil stored in tankers.
So some speculators are set to make; or lose a LOT of money. I guess we will soon find out what way it goes.
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Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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