With the belief that crude oil will rise in the future, traders however, snap up storage capacity at the South Africa’s 45 million barrel strategic crude oil reserve depot, Reuters reports

Global oil price is still depressed since the supply glut which led to more than halving of price last year.

Industry sources explains that traders have been hoarding crude oil to take advantage of in contango ; a situation whereby the availability of crude sooner is cheaper and stored in order to take advantage of the future prices.

According to Strategic Fuel Fund Association (SFF)’s last 2013/14 annual report tabled in parliament, the tank held 10.27, million barrels of crude oil at the end of the 31 of March 2014.

SFF however operates six underground crude oil bunkers at the Saldanha Bay Facility, one of the largest storage centers in the world.