Related Articles
Forward article link
Share PDF with colleagues

Permian crude driving storage expansion

North American crude output is exceeding storage capacity and driving a storage construction boom

The major trend in North American storage markets this year has been the focus on handling the continent's burgeoning crude oil production. It is in a unique position among the world's centres, with storage hubs in Asia-Pacific and Europe largely driven by market backwardation—when spot prices are above futures prices—and concerns over the implementation of the International Maritime Organisation's (IMO) stringent new sulphur regulations for maritime fuels. By August, crude oil storage volumes at the key price-setting hub of Cushing, Oklahoma, were up an extraordinary 83pc from August 2018 at 48.1mn bl, according to oil storage specialists at Genscape. It found that crude volumes stored alo

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
BP’s Angolan JV could provide future template
3 August 2021
The major’s pooling of non-core resources with Italy’s Eni may be a model moving forward
Book review: Leftist history of the UK oil industry offers wider appeal
3 August 2021
It is easy to identify the sympathies of the authors. But that does not diminish the vivacity of the tale they have to tell
Letter from China: Covid resurgence compounds economic concerns
3 August 2021
China’s economy faces headwinds that go beyond than the arrival of the Delta variant
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video