centerlogobigAAD logo


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).

33A70D39 1A7E 4478 B185 E2E5E4771D31

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.

Reaf more on a Business Insider:

33A70D39 1A7E 4478 B185 E2E5E4771D31 

You may also like to read:

The Ghost Towns That Were Created By The Oil Rush

Smithsonian: Scenes from the Wild Continent

Paris, Motion Pictures and the Age of Impressionism

About the Author



AAD REPORTS   Reports, news and opinion from