A London-based trading house bought 250,000 barrels of oil during the historic plunge below $0, and likely made a fortune. Business insider estimated the British firm has rare storage capacity so it purchased 10%of the May contracts when the market went inverted weeks ago.
These wily cats had to have had shipping and storage across the globe to access the plunge in West Texas crude prices. This is not some sleepy EU firm that relies on political patronage (Hello France).
One trader bought 250,000 barrels of oil and secured a rare payout at a time when oil prices turned negative, causing jitters in markets and leaving most other traders scrambling to find storage options across both sides of the Atlantic, Bloomberg reported on Wednesday.
But for BB Energy, a London-based trading house,the historic oil market crash was golden opportunity owed to its competitive advantage of having storage capacity over other firms, a source who was not authorized to speak on the topic, told Bloomberg.
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