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The Oil Storage contango was introduced to the market in early 1990 by the Swedish-based oil storage company Scandinavian Tank Storage AB and its founder Lars Valentin Jacobsson by using huge military storage installations to bring down the "calculation" cost of storage to create a contango situation out of a "flat" market. [9]
The oil-storage trade, also referred to as contango, is a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. [1]
Jacobsson initially worked in the petroleum industry, [3] where he was involved in starting up storage, trading and shipping companies, as well as being the inventor of the oil Contango market in the early 1990s. [4] [5] [6] In early 2000s he sold his oil related businesses. [7] [8] Since 2005, he started up two solar energy companies.
Contango and Crimson Announce Closing of the Merger HOUSTON--(BUSINESS WIRE)-- Contango Oil & Gas Company (NYSE MKT: MCF) and Crimson Exploration Inc. (NasdaqGM: CXPO) jointly announced today that ...
Every investor in Contango Oil & Gas Company ( NYSEMKT:MCF ) should be aware of the most powerful shareholder groups...
Contango Updates Operations HOUSTON--(BUSINESS WIRE)-- Contango Oil & Gas Company (NYSE MKT: MCF) announced today that it has reached total depth on its South Timbalier 75 prospect (Fang) and no ...
Oil field in California, 1938. The modern history of petroleum began in the nineteenth century with the refining of paraffin from crude oil. The Scottish chemist James Young in 1847 noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for ...
Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less ...