Hurricane Ike report from Galveston

[TexanRT]

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

[henzilla]

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?

[sfarson]

Slow to this thread but thanks for the report and update.

[TexanRT]

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

[TexanRT]

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