Cheap oil is taking routes back to the 1800s.

cape-of-good-hope-cape-point
View of Cape of Good Hope, from Cape Point, South Africa. Photo source: ©© Erik Heidstra

Excerpts;

The plummeting price of oil on international markets has had many effects – one of which is that it may be cheaper for ships to travel right around Africa than go through the Suez Canal…

For one thing, at the moment traders are playing with what’s called a “contango” – more and more oil and refined oil products are being kept at sea or in storage as traders wait for prices to rise again. Currently there is an oversupply of crude oil around the world, and while we have more crude than we need, the demand for gasoline – a refined oil product – is quite high. This situation has led to volatility in the market and that’s where traders are making their money…

Read Full Article, BBC

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