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Thread: Hurricane Ike report from Galveston

  1. #16
    Registered User texanrt's Avatar
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    Why are those ships anchored in Galveston?

    Here's one possible explanation for all those ships anchored off Galveston's beach -- NYT reports that oil's being stored in tankers waiting for the crude price to rise.

    http://www.nytimes.com/2009/01/15/bu...5oil.html?_r=1
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  2. #17
    not so retired henzilla's Avatar
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    Quote Originally Posted by TexanRT View Post
    Here's one possible explanation for all those ships anchored off Galveston's beach -- NYT reports that oil's being stored in tankers waiting for the crude price to rise.

    http://www.nytimes.com/2009/01/15/bu...5oil.html?_r=1
    Makes sense! I was down there last week and at night they are lit up like a small city on the horizon . Wonder what the "storage" fees for a tanker to be idle are?
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  3. #18
    On a Ride sfarson's Avatar
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    Slow to this thread but thanks for the report and update.

  4. #19
    Registered User texanrt's Avatar
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    Quote Originally Posted by henzilla View Post
    Makes sense! I was down there last week and at night they are lit up like a small city on the horizon . Wonder what the "storage" fees for a tanker to be idle are?
    "A supertanker would cost about 90 cents a barrel per month for storage, according to data from shipbroker GalbraithÔÇÖs Ltd. The amount varies, depending on the duration of the storage."

    From the Houston Chronicle article: Futures differential means it pays to store crude
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  5. #20
    Registered User texanrt's Avatar
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    Damage to seawall requires immediate action

    Here's an article from today's Houston Chronicle that explains why Galveston's seawall is in jeopardy after Hurricane Ike.
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