Back when the global recession trashed oil demand and prices, the likes of BP Plc and Vitol Group found a novel way to profit: They stashed crude on tankers. With a slump of similar magnitude now, traders are seldom finding the same opportunities. Here’s why. What defined both periods is something the industry calls contango, meaning oil for next month is cheaper than, say, for April. There were moments in the depths of the 2008-09 recession when a standard 2 million barrel cargo might fetch $14 million more for later delivery than it did in the spot market. That made for an easy trade: Find a ship for less than that. The same economics have seldom worked this year. “These are very different market conditions,” said Paul Horsnell, London-based head of commodities research at Standard Chartered Plc. “Traders certainly are not getting much from floating storage plays.” The main […]