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More Facts on the New World Oil…
By Matt Weinschenk, Senior Analyst, White Cap Report
You may have read the brief post/article from last week detailing the madness in oil markets and the glaring profit opportunity available to those with means. (If not, read the whole article here.)
Well those with means have heard the call.
Alaric Nightingale at Bloomberg is reporting that Morgan Stanley has hired the supertanker Argenta to store 2 million barrels of oil out at sea for $68,000. A quick “back-of-the-envelope” calculation shows a profit of $10 million in the thirty-one days between today and the March futures expiration.
They’ve got to find new ways to profit, since that whole “investment-banking thing” didn’t work out.
Meanwhile, Frontline (NYSE: FRO), one of the stocks mentioned in last week’s update, estimates that there are 80 million barrels in floating storage. And as ship broker Finn Engelsen claims, “From a tanker owner’s perspective, this is a little gift from heaven.”
We also received some valuable insights on the state of the Middle East from our friend Porter Stansberry at Stansberry & Associates:
“According to a report from the Council on Foreign Relations, the six members of the Gulf Cooperation Council lost $82 billion in 2008 alone, leaving them with “just” $1.2 trillion. And these losses came despite some $300 billion in oil profits when crude neared $150 a barrel. It will get worse – much worse. Dubai is going to be the largest financial disaster in history.”
The contango could last for longer than we thought.
Meanwhile, tanker companies like Frontline sell for 2.8 times trailing earnings due to low oil prices. To me, that makes for a good bet.
Ahead of the tape,
Matt Weinschenk
- More Facts on the New World Oil…
- Frontline (NYSE: FRO): Stock of the Day
- Contango: The Most Profitable “Buy-and-Hold” for 2009
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