Storage is key as traders exploit crude crash

Geneva

THE key to surviving and thriving amid the carnage in global oil markets is having a place to store the stuff.

Oil prices have dropped 60 per cent since June as the US pumped more shale crude and Opec resisted calls to cut production, stoking a global supply glut. While the 28-company STOXX 600 Oil & Gas Index has fallen 4.9 per cent this month, shares of Rotterdam-based Royal Vopak, the world's largest independent storage tank operator, have surged 15 per cent.