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. US oil prices hit an all-time low of -$37.63 on April 20 due to an extreme shortage in storage options for oil, meaning most traders apart from BB Energy had to effectively pay traders to take the oil off their hands.
Oil has been ravaged by the coronavirus pandemic which has all but shut down international travel, and greatly reduced manufacturing output, in turn torpedoing demand for oil.
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Make them take possession of the oil now and store it.
Where did they store it?
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
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