News Headlines:
OIL DAYBOOK EUROPE: Red-Hot Summer Fizzles Out; IEA Report (Bloomberg)
The dazzling summer that was promised for global oil markets is coming to a subdued end, as the pandemic once again grips the biggest fuel consumers. Just a few weeks ago, Wall Street predictions that crude would hit pre-virus highs of $80 a barrel were close to fruition. The vaccine roll- out was re-invigorating the global economy, U.S. oil storage tanks were draining, and speculative punts on a return to triple-digit prices were in vogue.
Bugbee strikes again with $450K options buy on Scorpio Tankers (Tradewinds)
Scorpio president is not backing down in his belief that product market, and his company’s shares, are headed up. Two days after splashing out $2.7m in call option contracts on his company’s shares, the veteran tanker executive is laying out $448,000 more of his own funds on a longer-term bet, acquiring 100,000 common shares with a strike price of $15 and an expiration of January 2023.
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