Thread by @EnergyRosen

Well before twitter, we would go to places near refineries like pizza places, a deli, etc. We’d order an abnormal amount of food and leave a massive tip. When leaving we’d leave our business card.

Any rumor in the market about said refinery, we’d call that place to confirm.

The terminal guys were the best. We would just go early in the morning and bring dozens of donuts and good coffee. They would tell you anything. Who was storing what product, how much, who exited their lease......

#thegoodolddays

I need a good ghostwriter, when I leave the oil biz some day, I think I should write a book.

Or at least document all this stuff.

Like when I was with a firm that had millions of barrels of refined products in storage at facilities north of West Point, NY. One winter the Hudson River froze and barges couldn’t make it up the river. Goodness that was crazy....

Or the time when we were buying product at the wholesale truck rack and hauling it 15 miles to a harbor. Filling up barges and selling into the market at a huge margin. That was fun until one day the counter-party for the barge was the same supplier as the wholesale market.

Man, that counter party was pissed. We went on the ‘no biz’ list faster than a broker would pick up the phone knowing you were long 500,000 bbls.

Oh oh. There was a time when we had a cargo coming into a port. It would price as a 5-day wrap, 10 days out of port. The market would know when it was coming into port. They’d crush the market hoping we would have to dump the product. We got caught in that once...once.

So we renegotiated our storage to get more volume and changed the pricing to 5 days from port. When they dumped the market we became buyers (with more space) and priced our cargo at great value.

Being short swaps made it the trifecta.

I’ll stop now but was feeling nostalgic. Especially with some old school story time on twitter with the oil merchant.

Still love you guys, the old and the new in our crazy community.