You get the impression, don’t you, that the oil and petrol we use comes from some sort of wholesale petrol pump, currently priced at $130 a barrel-full. An oil broker once told me how it really works. A tanker leaves Russia, and whoever put the oil in it (probably someone who used to live in Mayfair) takes bids from oil brokers via a middleman in Moscow. The broker who buys it then flogs it to Tesco or Sainsburys or whoever wants to sell their petrol a little cheaper than your local Shell/Esso/BP garage. And if they don’t pay on time, the middleman in Moscow has to do a runner or take the consequences. Which is why turning off the taps isn’t as simple as it sounds.
“Markets in V-mode: vaccine hopes, Biden bounce in play”
It was interesting to look at the winners and losers in last week’s stockmarket Biden Bounce and Vaccine V. Cineworld led the charge, up 50% together with Stagecoach, National Express, Trainline and the airlines, Gym Group and property companies all by more than 30%....
