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Something Strange Is Taking Place in the Middle of the Atlantic Ocean

Wednesday, December 16, 2015 17:40
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(Before It's News)

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Early last month, we noted that something very strange was happening off the coast of Galveston, Texas. 

As FT reported, “the amount of oil [now] at sea is at least double the levels of earlier this year and is equivalent to more than a day of global oil supply.” In short: the global deflationary crude supply glut is beginning to manifest itself in a flotilla of stationary supertankers, as millions of barrels of oil are simply stuck in the ocean as VLCCs wait to unload.

Ultimately, this led to nearly 40 crude tankers with a combined cargo capacity of 28.4 million barrels waiting to anchor near Galveston. Here’s what the logjam looked like:

In the latest sign that the world is simply running out of capacity when it comes to coping with an inexorable supply of commodities, three diesel tankers en route from the Gulf to Europe did something rather odd on Wednesday: they stopped, turned around in the middle of the ocean, and headed back the way they came! 

“At least three 37,000 tonne tankers – Vendome Street, Atlantic Star and Atlantic Titan – have made U-turns in the Atlantic ocean in recent days and are now heading back west,” Reuters reported, citing its own tracking data.

The Vendome Street actually made it to within 800 miles of Portgual (so around 75% of the way there) before abruptly turning around. “Ship brokers said a turnaround so late in the journey would come at a cost to the charterer,” Reuters notes. 

The problem: low prices, no storage capacity, and soft demand.

 

Here’s Reuters again:

“European diesel prices and refining margins have collapsed in recent days to six-year lows as the market has been overwhelmed by imports from huge refineries in the United States, Russia, Asia and the Middle East. At the same time, unusually mild temperatures in Europe and North America further limited demand for diesel and heating oil, ptting even more pressure on the market.

Gasoil stocks, which include diesel and heating oil, in the Amsterdam-Rotterdam-Antwerp storage hub climbed to a fresh record high last week.

And here are the stunning visuals via MarineTraffic.

Vendome Street

Atlantic Titan

As of now, it’s “unclear if the tankers will discharge their diesel cargoes in the Gulf Coast or await new orders,” but what you’re seeing is a supply glut so acute that tankers are literally just sailing around with nowhere to go as there are reportedly some 250,000 tonnes of diesel anchored off Europe and the Mediterranean looking for a home. On that note, we’ll close with the following quote from a trader who spoke to Reuters: 

“The idea is to keep tankers on the water as long as you can and try to find a stronger market.”

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Source: http://silveristhenew.com/2015/12/16/something-strange-is-taking-place-in-the-middle-of-the-atlantic-ocean/

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Total 40 comments
  • G

    Gas prices should be rock bottom but are still inflated. Midwest Wisc gas is high compared to other parts. Gas did go to $1.83 several weeks ago but has rebounded to $1.95 now.

    With oil prices dropping, the suppliers have to be inflating the pump price.

    • CrowPie

      I agree. Compare the prices per gallon to a time when we were last at under $40 a barrel.

      • 4Truth

        Matthew 13:30
        Let both grow together until the harvest: and in the time of harvest I will say to the reapers, Gather ye together first the tares, and bind them in bundles to burn them: but gather the wheat into my barn.

        Matthew 13:30
        Let both grow together until the harvest (TARES (I.E. Satan and his TARES (children))grow with HUMANS (I.E. Wheat): and in the time of harvest (Rapture) I will say to the reapers, Gather ye together first the TARES, and bind them in bundles to burn them (HELL): but gather the wheat into my barn (I.E. Heaven – Paradise forever.)

        The Tares rule the world while the sheeple sleep!

        Jesus is the way out of this satanic driven world! Smile!

        • zzzz

          Jesus is the savior of the world,, someday it will be obvious to all.

    • Nanar

      Hi all,

      for people who have never worked in commodities / import / export, i can see why this would sound fishy (and it can be of course fishy).

      This type of behavior from super tankers can be normal as the change of ownership of shipment can be quite fast in terms of trade.

      That would just mean that owner have changed and asked for a change of destination.
      Now, knowing that there were the 7 sisters and now 5 controlling the vast majority of oil supply chains, it is conceivable that they would do their best to rarefy product in order to raise back the oil price.

      So if this trend continues, you have your answer on what is going on !

      cheers

      • Before It Was All Pop Ups

        That’s definitely part of it, but what is largely at work is economic warfare against Russia, Iran, and Venezuela. Being that these countries economies are very much dependent on their oil exports, the USA and Saudi Arabia flooding the market with way more supply than demand cause the price per barrel to plummet.

      • CrowPie

        “This type of behavior from super tankers can be normal as the change of ownership of shipment can be quite fast in terms of trade.”

        I see your point. However, these practices have nothing to do with the obvious price manipulation that is taking place. For instance when the rig in the Gulf of Mexico blew up and prices soared due to so called “shortages”, the oil industry reported record profits for an entire four quarters.

    • 4Truth

      The world is up and down everyday! The TARES run the World until Jesus’ Great Return!

      Everyday I wake up only to laugh because I realized years ago that the TARES (Satan and his minions) run this world!

      A person has two choices in this world! One: live in this world and let satan rock your world and/or put fear (false evidence appearing real) and all sorts of negatives into your head everyday so you live in a lie!

      Second choice: Put ALL your Faith in Jesus Christ and realize your body is a temporary holding vessel of your precious soul that ONLY Jesus Christ can Save if you give your whole heart and ALL your Faith in HIM!

      To all the Scoffers out their that scoff at Jesus! Be prepared to meet your maker GOD and explain how you mocked HIS SON JESUS that tried to Save you! Hell will be your new home scoffers unless you see the LIGHT (JESUS!)

      So much proof all around you GOD is for REAL and so much evidence Proving Jesus is for REAL too!

      Just another day in satan’s world! Ha ha satan, you lose in the end!!! Smile!

      Jesus warned us about the TARES!

      Matthew 13:25
      But while men slept, his enemy came (satan) and sowed tares (satan’s children – Reptilian Shapeshifters – non-believers) among the wheat, and went his way.

      • You People Are Nuts

        so basically, the TARES is going to run the world forever since Horus ain’t coming back.

      • Arlene Johnson

        Amen

      • SuperMario

        Why is it with you people, that there are only 2 choices, Jesus or Satan?

        • VJChristine

          Well it’s all very simple really. No.. a few molecules of matter did not some become a horse and some become a rock.. Jesus Christ – the power and the wisdom of God, and His Father Elohim the Creator – created the earth. It’s their property but there’s a squatter, satan, who hoodwinked the first and rightful resident, Adam, out of his dominion and has now been in charge here for quite some time. He’s got his nails dug in deep. He’s not going to leave without a fight. There really only are 2 sides to this coin. Satan knows his time is soon up and the process of eviction is about to begin. So he’s heating up the trouble all around. It’s not unlike when President Clinton’s term was up and he was soon to be removed, with all of his minions from the White House. They went around trashing the place before departing. That’s what satan is doing. He’s going to go out with a bang, and bring as many mockers (like you) with him, as he can. The Earth is to return to its rightful owner soon, but, like all good architects, Christ will burn the thing up first, and rebuild it the way it was always meant to be. That’s it.

    • vaalix

      Its our governments forcing their hand. They rely heavily on those gasoline taxes which is almost 50% in canada..

    • Bob DD

      Not in Connecticut. Has been over $2.00 per gal for long time, mostly due to one of the highest State taxes on gasoline in Nation. And, government still runs huge deficits.

      • almostdone

        And the roads still suck except for an 8 mile stretch of rt15 they just completed.

    • Doccus

      Well you guys are lucky. In Canada we pay $4.80 a gallon. We’ve been getting screwed for years on gas. The absolute irony of it all is we’re one of the largest oil and gas producers in the world but we don’t even use our own oil. We buy it from the middle east and the US!

      • n8zu

        They don’t have gallons in Canada except maybe 50 yrs ago

    • LarryC213

      I live in Hickory, North Carolina, and the price of regular 87 octane is 1.879 here today, and it had been that price for about a week or more. I am very glad to see it, and I hope that it continues decreasing.

  • tonyw

    gas (petrol) prices are the same in Australia…they are being kept inflated. Probably a glut stemming from all the cheap oils stolen from Iraq And Syria..

    • deano

      Gday tonyw. Yes, our price has hardly dropped, do think this JESUIT infiltrted Liberal Govt , ruled by Murdoch would cut us a break?……Turnbull was ex-CEO of GOLDMAN SACHS Aus………..
      The ABBOTT even hates windfarms & solar……..you need OIL for Operation Sovereign Borders & FA 18s…& if the BISHOP keeps pushing China, we will lose our biggest export……….

  • Bacchus

    This glut will come in handy if the war in Syria gets really ugly. The last 2 gulf wars saw the price of oil go up.

    • VirusGuard

      Yes war pushes oil prices, we were told this for the past 40 years because speculation was allowed to run wild but now oil prices are going down as we edge closer to war so something is wrong.

      Saudi Arabia is trying to screw over Russia but i don’t think it is working but it makes SA borrow money from the bankers and this will come back to bite them on the bum.

      Taxes will rise in the west on oil to soak up the gaps, our politicians might throw us a bone now and then but it won’t have any meat on it.

  • officer420

    so

  • Judge Roy Bean

    By 2017, expect gas to climb back and pass the old high ceiling

  • The Seer

    All about greed like vultures circling waiting for the price to go up why sell at $35 when you can sell at $80

  • Anonymous

    Oil doesn’t come from fossils. Or we wouldn’t be having this problem. It’s a renewable source from 40000 feet down
    way deeper than 16000 where fossils start to appear.
    Ask the Russian oil developer’s
    they are outstripping the Arabs in production at 40000 ft

  • Gryphon

    Regular gas is down to $.98 /litre in Canada (Ontario) now.
    Translates to $2.68 per American gallon, American money.
    Much of the cost of retail gas here in Canada is taxes…

    • TRUTHY1

      You pay for Socialism,in Canada,through fuel taxes.Here in the U.S. we pay for socialism through “everything” (Corporatism), and then some ! 14th Amendment Federal “citizens” (slaves by another name) Rather than a National Citizen, have voluntarily given up their God given rights with SS #’s,Birth certificates,Voter registration,Bank accounts and Marriage licenses et.al. http://www.viewzone.com/collateralx.html https://www.youtube.com/watch?v=VFVIlP9PFkY The Matrix of deceit and criminality,world wide, is very complex and it is interwoven into every aspect of life bar none.

  • albertan

    I am not trusting these stories, 280 tankers off the coast of California and now this. What is really in those tankers? We don’t really know. Are they planning to blow them all up at the same time? Could cause Pacific earthquakes, huge damage and loss of life. I don’t trust what is going on here.

    • VirusGuard

      Oil does not burn well, not like petrol and thats if it burns at all when mixed in with sea water.

      Blowing them all up in one big go would not even make a ripple in the sea, it’s far too big.

      No i don’t trust them but a earthquake is not part of the plan but dumping all the oil on someones coast would do some damage for sure not that i think they are going too.

      • The Seer

        VirusGuard you are right the cost to clean up just one would cost lots but terrorist are in for killing people not fish so a bomb in Manhattan would do more damage

    • The Seer

      :lol: take a deep breath your getting excited :lol:

  • 3%ers

    Why those SHIPS to Europe always HEADS NORTH ??? WHY ? THEY SUPPOSE TO HEAD EAST , if your EARTH a 1000 mph SPINNING ball !! HAHA !! :lol:

    • DK

      In Winter the Earths orbital inclination combined with the axial tilt usually means 11 degrees of tilt and Axial North passes through 80 degrees i.e. Greenland, Northern Canada. At this time of year usually the UK is therefore at Portugal’s Latitude and Portugal is at Morocco’s, the reason for chemclouds is to hide the huge changes on the Earths axial tilt due to unknown changes in the last 40 years. However Florida is the same latitude as Portugal, sailing due Axial east even with orbital shifts still means destination Lisbon – Portugals a big target but in 2 weeks it moves in relation to a moving ship which is why there are course corrections.

  • caoneil76

    The U.S. alone produces more than 8 million Barrels of oil a day. 26.4 million barrels sitting in tankers really isn’t that much crude. It’s barely over 3 days worth of production in the US. World production would be even greater. I think you’re trying to make something out of nothing.

  • albertan

    Wake Up People. Do you think that it is possible that those 40 tankers in the Gulf and the 280 tankers off the coast of California could be full off foreign troops and weapons, possible some saron gas too, just waiting for the right moment to attack the USA? Just a thought, since their explanation makes no sense. The coast guard should do a thorough investigation, now.

    • Ambicatus

      AHA! somebody thinkin, but it could also be, they floating as much oil and fuel as possible, because if there is a cataclysm and all that oil mixes in, hmmm, what other ports are standing full of tankers, if they all full and all cannot offload, then HMMMMMMMMM or is just plain ole pathological greed, methinks your notion and the greed notion to most likely, occams razor an all that, least possible assumptions eh

  • moochie2

    democrat presidencies always end in major depressions just like Clinton’s dot com bust and housing bubble he handed to Bush. The housing bubble plagued Bush’s 2 terms until it finally collapsed in 2008.

    • CrowPie

      Bush repealed the banking regulations as soon as he took office. THAT is the reason for the housing bubble and the crash. :lol:

  • icetrout

    $00.27 cents a gallon gasoline just like when I 1st started driving back in 1971… LOVE IT.!

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