Enron was an anomaly and they were caught.
There is always floating inventory. There are not enough tankers in the world to keep adding to what you already described as "massive amounts".
Sometimes I think you just talk out yer butt.
Exactly! - There were not enough tankers. When bankers leased 56 tankers holding 110 million barrels of oil to sit out in the ocean it caused tanker oil transportation shortage. This caused huge market imbalance & high profits arbitrage trade.
Enron did that same thing with power lines until they were caught & congress supposedly "closed that loophole". So traders moved this scam offshore, out of sight, out of regulatory jurisdiction, out of inventory & in secret.
So, in a world that produces 80 million barrels per day of crude you're telling me that 110 million total barrels in floating storage was sufficient to affect market prices?
I understand what you're saying about tanker shortages, but as of 2007 there were over 4,000 such vessels plying the world's waters. And a group of bankers controlled a whopping 56 of them?
How much of that 80m/bpd of oil get's transported in ocean tankers?
These Bankers have already been found guilty of International Swaps and Derivatives manipulation, LIBOR rigging & rigging municipal-bond auctions. They are now about to be found guilty of oil & gold price manipulation.
