. When the late Marc Rich, an infamous commodities trader, set out to prise open the Fort Knox world of oil trading in the early 1970s, he had little more to help him than family money, the proceeds from the sale of a colleague’s car, and an address book full of contacts. But something momentous was happening. In the Middle East oil nationalism was stirring.
Yet away from the spotlight, the oil-trading operations of Glencore, a listed company founded by Rich, and private ones such as Vitol, Trafigura, Mercuria and Gunvor, are going strong. Last year they shipped more than 24m barrels a day, almost a quarter of world demand, generating turnover of more than $700bn, as well as bumper profits. This year their winning streak is likely to continue.
That is because they benefit from price volatility, rather than absolute price levels. In the turmoil of recent months, haywire markets have experienced an unusually steep “contango”, a state of the market when the spot price is lower than the futures price . For those with storage, contango is a godsend. It enables you to buy oil cheaply, hold it and release it to the market when prices are higher.
Simple math. Buy cheap and sell at higher
As a suggestion, what would be a system that could attract energy from the sun and send it to the earth through satellites?
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