Rising production of US shale oil has boosted storage industry
Refinery and product export trends are good for Gulf coast storage operators
Rapidly rising production of shale oil has lifted US refinery utilisation rates to high levels and has lead to a doubling in refined product exports over the past five years. With nearly three-quarters of exports flowing out through Gulf coast (Petroleum Administration for Defence District 3) ports, storage operators on the Texas and Louisiana coasts are benefiting strongly. While US oil consumption – a benchmark indicator for tank storage activity – has declined since its peak in 2005, exports have been increasing rapidly. Consumption in 2013, at 18.961 million barrels a day (b/d), was 8.9% below that in 2005, and declined a little more to average 18.876m b/d in the first eight months of 20
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