Shell shakes up oil trading world

The North American shale boom has been a boon for many smaller energy businesses, but the world's biggest oil companies, including Shell, BP and Exxon Mobil, have had less success unlocking the prolific rock's full potential. Royal Dutch Shell announced it would cut spending by a fifth and lay off staff at its American exploration and production business - AFP Photo.

LONDON: The giant tankers anchored along the Scottish coast in the Firth of Forth weren’t going anywhere. They were just providing floating storage because there was no demand for their cargo, North Sea crude oil.

But the flickering computer screens in the world’s trading rooms told a different story. Prices through the month of April were jumping, showing someone was buying, stunning traders and leaving some with heavy losses.