Javier Blas and Lars Erik Taraldsen

Business, Fuel

Oil Trading Profits Soar for Energy Majors Who Made Storage Bets

Storage tanks located near a dock in Port Fourchon, La., on June 11. Storage tanks located near a dock in Port Fourchon, La., on June 11. (Luke Sharrett/Bloomberg News)

In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.

July 24, 2020