News that pirates had taken over a supertanker carrying crude from Saudi Arabia to the US suprised markets, despite the rise of piracy off Somalia and the Malacca Straits over the years.
This was seen as highly ambitious, seeing as the cargo is worth around $100 million, even in these depressed times.
Some traders admitted that they secretly wished the pirates had grabbed a few cargoes headed into their oversupplied markets.
It's hard to see what will the pirates do with 2 million barrels of oil, while environmental concerns will make it tough for the US Navy or anyone else to retake the ship.
Will this have a market impact? Hardly. The Saudis are already in talks to replace the oil to the customers impacted by the incident.
Will it be an entertaining drama? Oh yes. In fact, the Barrel hears it may be the basis for the next Bond movie, "Contango of Malice".
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