Politics0 min ago
The Essex Oil Traders
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It was reported that they made millions. I get that they bought some oil contracts but because of the lack of storage capacity , they actually got paid to buy them.
Let just suppose that they got paid £100 000 for buying a contract that obliged them to take delivery of 10000 barrels of oil. How did they then make more money without desperately trying to find somewhere to store it? If they sold the oil on before delivery, how did they manage that given that the world is/was overflowing with oil? And why wouldn't everyone have done that? The Sunday Times had an article but it didn't explain it and similarly Talk Radio was discussing it today.
Let just suppose that they got paid £100 000 for buying a contract that obliged them to take delivery of 10000 barrels of oil. How did they then make more money without desperately trying to find somewhere to store it? If they sold the oil on before delivery, how did they manage that given that the world is/was overflowing with oil? And why wouldn't everyone have done that? The Sunday Times had an article but it didn't explain it and similarly Talk Radio was discussing it today.
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