Oil trading profits soar for energy majors who made storage bets
Major oil companies including Equinor, Shell and commodity trader Glencore make sky-high profits from so-called contango plays following the oil price collapse.
By Javier Blas and Lars Erik Taraldsen, Bloomberg News
In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.
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