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The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
This strategy can result in unanticipated, or "windfall" profits: If the contract is purchased forward twelve months at $100 and the actual price is $150, the refiner will take delivery of one barrel of oil at $100 and the other at the spot price of $150, or $125 averaged for two barrels: a saving (gain) of $25 per barrel relative to the spot ...
Drivers in the states closest to the Gulf Coast's oil production and refineries are looking at average pump prices just under $3 per gallon, according to AAA data. Those include: Alabama: $2.95
U.S. gasoline prices are heading south and may hit $3 a gallon in many places in coming weeks with crude oil futures down $10 a barrel over economic fears and eroding demand. The drop in gasoline ...
Contango Oil & Gas Company (AMEX:MCF), an energy company based in United States, saw a significant share price rise of over 20% in the past couple of months on theRead More...