The oil-storage trade, also referred to as contango, is a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. Investors bet on the future of oil prices through a financial instrument, oil futures in which they agree on a contract basis, to buy or sell oil at a set date in the future. Crude oil is stored in salt mines, tanks and oil tankers. — Reuters 2015
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| - Comercio de almacenamiento de petróleo (es)
- Oil-storage trade (en)
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| - El comercio de almacenamiento de petróleo ocurre en el mercado de futuros, también conocido como contango. Es una estrategia de mercado en la que las grandes compañías petroleras, que a menudo son empresas integradas verticalmente, compran petróleo para entrega inmediata y almacenamiento -cuando el precio del petróleo está bajo- y lo guardan hasta que el precio del petróleo aumenta. El inversor apuesta en el futuro del precio del petróleo a través de un instrumento financiero y acuerda, por contrato, en comprar o vender petróleo en una fecha determinada en el futuro. Entretanto, el crudo se almacena en las minas de sal, tanques y petroleros. (es)
- The oil-storage trade, also referred to as contango, is a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. Investors bet on the future of oil prices through a financial instrument, oil futures in which they agree on a contract basis, to buy or sell oil at a set date in the future. Crude oil is stored in salt mines, tanks and oil tankers. — Reuters 2015 (en)
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| - El comercio de almacenamiento de petróleo ocurre en el mercado de futuros, también conocido como contango. Es una estrategia de mercado en la que las grandes compañías petroleras, que a menudo son empresas integradas verticalmente, compran petróleo para entrega inmediata y almacenamiento -cuando el precio del petróleo está bajo- y lo guardan hasta que el precio del petróleo aumenta. El inversor apuesta en el futuro del precio del petróleo a través de un instrumento financiero y acuerda, por contrato, en comprar o vender petróleo en una fecha determinada en el futuro. Entretanto, el crudo se almacena en las minas de sal, tanques y petroleros. Los inversores pueden optar por tomar ganancias o pérdidas antes de la fecha de entrega del petróleo o pueden dejar el contrato en su lugar y el petróleo físico es entregado en la fecha fijada a un punto de entrega oficialmente designado. En los Estados Unidos, el punto de entrega es normalmente en Cushing, Oklahoma. Cuando las fechas de entrega se acercan, los inversores cierran los contratos existentes y venden nuevos para la entrega futura del mismo petróleo, así que el aceite nunca sale del almacenamiento. Si el mercado de futuros está en "contango", el precio futuro está más alto que el precio actual, la estrategia es muy exitosa. Aunque se habían añadido nuevos tanques en Cushing para una capacidad de almacenamiento de 6,6 millones de barriles, en marzo de 2015 todos los tanques se encontraban arrendados hasta final de año de 2015. En 2015, el almacenamiento mundial de petróleo fue superada por la producción mundial de petróleo, entonces se produjo un exceso de petróleo. El espacio donde almacenar el petróleo crudo se convirtió en mercancía comercializada con CME Group, propietario de NYMEX. Desde marzo de 2015, cuando CME Group empezó a ofrecer contratos de futuros de almacenamiento de petróleo, los comerciantes y productores han podido vender y comprar derechos de almanecer ciertos tipos de aceite. (es)
- The oil-storage trade, also referred to as contango, is a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage—when the price of oil is low— and hold it in storage until the price of oil increases. Investors bet on the future of oil prices through a financial instrument, oil futures in which they agree on a contract basis, to buy or sell oil at a set date in the future. Crude oil is stored in salt mines, tanks and oil tankers. Investors can choose to take profits or losses prior to when the oil delivery date arrives or they can leave the contract in place and physical oil is delivered on the set date to an officially designated delivery point. In the United States, that is usually to Cushing, Oklahoma. When delivery dates approach, they close out existing contracts and sell new ones for future delivery of the same oil. The oil never moves out of storage. If the forward market is in "contango"—the forward price is higher than the current spot price—the strategy is very successful. While new tanks have been added in Cushing for a storage capacity of 6.6 million barrels, by March 2015 all the tanks were fully leased through 2015. The strategy works because oil prices for delivery in the future are trading at a premium to those in the spot market - a market structure known in the industry as contango - with investors expecting prices to eventually recover from the near 60 percent slide in oil in the last seven months. — Reuters 2015 In 2015, global capacity for oil storage was out-paced by global oil production and an oil glut occurred. Crude oil storage space became a with CME Group— which owns NYMEX— offering contracts in March 2015. Traders and producers can buy and sell the right to store certain types of oil. (en)
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