oil storage
-
Includes oil ports, refineries, and storage facilities; crude and refined product pipelines; coal and nuclear power plants; and EV battery factories. -
Most crude exports coming out of the North Sea since March have been destined for Asia, where floating storage levels remain high.
-
India may be the second country to lease space in the US SPR. Capacity at the SPR has been building for the past 5 weeks.
-
No vacancy? The hunt for global alternatives to store crude oil includes offshore, global strategic reserves, pipelines, rail cars, and trucks.
-
The US crude inventory grew by 74 million bbl since 13 March when the US declared a national emergency in response to COVID-19.
-
The nuances of futures contracts caught many of the world’s traders off guard, sending major US crude benchmark into negative pricing territory for the first time. But it probably will not be the last time.
-
Nymex WTI crude opened Monday on track for its worst day on record, falling nearly 40% to $11.05/bbl on the back of excess supply vs. low demand and dwindling storage capacity.
-
Shut-ins and planned production cuts have not affected crude prices, say industry experts.“It’s like trying to explain something that is unprecedented and seemingly unreal."
-
The potential leasing of space in the SPR comes after the DOE’s plans to buy crude oil were suspended. US oil inventory stockpiles stand at a 10-month high.
-
In its first response to the Russia-Saudi Arabia price war, the US government will purchase up to 78 million bbl of crude to protect domestic producers.
