What explains this remarkable consistency? The reason has to do with the way oil is bought and sold. In the wake of any large oil price drop, the price of oil for purchase immediately is often lower than the price of oil for purchase later . Traders have a name for this type of price disparity between spot and forward prices: contango.
For companies with the ability to store oil, it was manna from heaven. Working feverishly from home, oil traders sprang into action.show that Trafigura was among those rushing to secure floating storage — often in the form of oil tankers — to hold onto oil in April and early May as prices languished. Trafigura increased the size of its fleet by almost 70 percent over the course of the year, at the peak controlling more than 220 owned and time-chartered vessels , Trafigura said in its.
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