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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: ChanceIs who wrote (114577)	12/4/2008 7:58:05 PM
From: Tommy Moore	Read Replies (1) of 206347

A different spin on tanker storage. Market seems to be confirming this scenario. Comments? seekingalpha.com Mike Rothman, of New York consulting firm ISI, said: The Gulf is crammed with supertankers chartered by oil-producing governments to hold the inventories of oil they are pumping but cannot sell. Iran is also getting in on the action, and at last report, Iran had leased 10 oil tankers to hold 20 million barrels of oil no one wanted to buy. Renting oil tankers is a desperate move. Regrettably, desperate moves rarely pay off. In this case, the stored up oil is going to help keep a temporary cap on oil prices when the global economy shows some signs of life again. If oil prices jump, the owners of the oil will certainly start to sell off the millions of barrels of oil they’ve just been sitting on. When Bubbles Burst.............

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