Why Saldanha Bay is fast becoming an oil trader's paradise

For oil traders, there’s no place quite like Saldanha Bay.

So says Bloomberg reporter Paul Burkhardt in a recent article on the site.

According to Burkhardt, storage facilities at Saldanha Bay provide traders with the option of holding on to oil stocks when prices have dipped.

The secluded port north of Cape Town is possibly one of the biggest oil hubs in the world and storage facilities will soon be expanded, he explains.

Saldanha began as a storage facility... It has become a place where oil traders keep oil.

Paul Burkhardt, Bloomberg reporter

In recent years, it did pay off for traders to store oil and wait until the oil price gets higher.

Paul Burkhardt, Bloomberg reporter

It currently has the capacity to store 45 million barrels [of oil].

Paul Burkhardt, Bloomberg reporter

Take a listen to dive into his findings:


This article first appeared on CapeTalk : Why Saldanha Bay is fast becoming an oil trader's paradise


Recommended

by NEWSROOM AI
Read More
Plans to deny foreign children birth certificates violates Constitution - group

Plans to deny foreign children birth certificates violates Constitution - group

Lawyers for Human Rights says government's bid to discontinue birth certificates for foreign children born in SA is unlawful.

Widow Denise Ganas can either head to court or lodge appeal with insurance ombud

Widow Denise Ganas can either head to court or lodge appeal with insurance ombud

Denise Ganas says she'll continue to fight for a full payment from Momentum instead of the premiums that the insurer has paid her.

Herzlia alumni slam punishment of pupils for 'peaceful' Israeli anthem protest

Herzlia alumni slam punishment of pupils for 'peaceful' Israeli anthem protest

Two pupils are facing disciplinary action for taking the knee during the Israeli national anthem.

Gordhan facing 'new level of attack' from EFF amid state capture testimony

Gordhan facing 'new level of attack' from EFF amid state capture testimony

While Gordhan gave his evidence on Monday, members of the EFF and the BLF movement protested outside the commission's venue.

WC public schools make their own rules on feeder zones, explains Education MEC

WC public schools make their own rules on feeder zones, explains Education MEC

WC Education MEC Debbie Schafer says public schools across the province have never been subject to set, legislated feeder zones.

Oil price likely to rise to $85 a barrel, warns award-winning energy expert

Oil price likely to rise to $85 a barrel, warns award-winning energy expert

The Money Show’s Bruce Whitfield interviews David Shapiro, veteran stockbroker and Deputy Chairperson at Sasfin.

Popular articles
[WATCH] An  excruciating moment as  woman jumps into frozen lake...ouch!

[WATCH] An excruciating moment as woman jumps into frozen lake...ouch!

Khabazela shares tweets and Facebook posts that have gone viral.

'Momentum did nothing wrong, legally. But the man died protecting his family!'

'Momentum did nothing wrong, legally. But the man died protecting his family!'

The Money Show’s Bruce Whitfield interviews consumer journalist Wendy Knowler.

'The universe is an extremely high-risk investment by the Creator'

'The universe is an extremely high-risk investment by the Creator'

Bruce Whitfield interviews Professor David Block about his attitude toward money (hopes and fears, successes and failures, etc.).

Markus Jooste will absolutely hate this book by FM Editor Rob Rose

Markus Jooste will absolutely hate this book by FM Editor Rob Rose

Financial Mail Editor Rob Rose talks about his book, “Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud”.

Wife of Nathan Ganas speaks out over Momentum's refusal to pay up

Wife of Nathan Ganas speaks out over Momentum's refusal to pay up

Momentum has refused to pay a R2.4 million policy payout citing a non-disclosure breach

6 dumbest things people in their 20s do with money

6 dumbest things people in their 20s do with money

Sam Beckbessinger, the author of “Manage Your Money like a F*cking Grownup,” has some tips, so you don’t have to live with regret.

[LISTEN] 'We will not pay out the insurance claim', MMI CEO tells Eusebius

[LISTEN] 'We will not pay out the insurance claim', MMI CEO tells Eusebius

Eusebius McKaiser engages MMI CEO in a fiery debate about why they won't pay gunshot victim's R2.4 million policy claim.

VW vehicle nightmare to cost customer R23 000  after third engine fails

VW vehicle nightmare to cost customer R23 000 after third engine fails

A brand new Touran that's had three new engines since 2012 is about to cost the customer R23 000 for a fourth engine.