Crude Oil Storage

Source: CNBC

Oil markets in ‘inflection phase’ after historic week of trade, Goldman Sachs says

CNBC


The widow-making collapse in oil prices came to a pause in Asia trade on Thursday, but analysts aren’t convinced that the worst sell-off in oil market history is over yet.

“We think that this is the inflection phase,” Goldman …

Source: CNBC

Oil rallies more than 50% in two days in comeback from record lows

CNBC


Oil jumped more than 30% on Thursday, accelerating the recent rally as the Street eyed continued production cuts and rising U.S.-Iranian tensions.

West Texas Intermediate, the U.S. benchmark, rose 30%, or $4.18, to trade at $17.96 per barrel. …

WTI crude oil futures prices fell below zero because of low liquidity and limited available storage

WTI crude oil futures prices fell below zero because of low liquidity and limited available storage

EIA


On Monday, April 20, 2020, New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) crude oil front-month futures prices fell below zero dollars per barrel (b)—at one point, trading at -$40.32/b (Figure 1)—and remained below zero for part of …

Source: Reuters

U.S. crude oil inventories increase by 15.0 million barrels

Weekly Crude Oil Storage as of April 17, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.0 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil …

Source: CNBC

What plunging crude prices mean for the market’s largest oil ETF

CNBC


It’s been a wild week for the oil market.

Oil prices began an unprecedented drop on Monday that saw the West Texas Intermediate May futures contract, which expires on Tuesday, slide into negative territory for the first time ever. …

Source: Reuters

A hunt for any storage space turns urgent as oil glut grows

Reuters


NEW YORK/HOUSTON – The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling – they want to …

Source: CNBC

Oil traders have never seen an ‘insane’ market like this, fear more declines to negative prices

CNBC


The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.

And with only guesswork as

Indian refiners forced to issue force majeure notices: GlobalData

Indian refiners forced to issue force majeure notices: GlobalData

Oil&Gas


The lockdown in India has resulted in a sharp drop in fuel demand, forcing refiners to operate at lower capacities

Oil & Gas Publishers Note: Very nice article from Carla Sertin. India has been importing oil from Iran –

Source: Reuters

Crude oil held in sea storage hits new record at 160 million bbls: sources

Reuters


LONDON – Traders are storing an estimated record 160 million barrels of oil on ships – double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand …

EIA forecasts U.S. crude oil production to decline because of low oil prices – STEO foretasted below $45 per barrel through 2021

EIA forecasts U.S. crude oil production to decline because of low oil prices – STEO foretasted below $45 per barrel through 2021

EIA


In the April 2020 update of its Short-Term Energy Outlook (STEO), released on April 7, and before a recently announced agreement by oil producing countries to limit production, the U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil …

Source: Reuters

U.S. crude oil inventories increase by 19.2 million barrels

Weekly Crude Oil Storage as of April 10, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19.2 million barrels from the previous week. At 503.6 million barrels, U.S. crude oil …

Source: Reuters

U.S. negotiating contracts to store 23 million bbls of oil in SPR

Reuters


WASHINGTON – The U.S. Energy Department said on Tuesday it is negotiating contracts with nine energy companies to store about 23 million barrels of domestically produced oil in the country’s emergency crude reserve.

The department initiated a plan to …

Source: Reuters

India plans to fill strategic oil storage by the third week of May

Reuters


NEW DELHI – India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on …

Mexico’s secret weapon in the oil price war

Mexico’s secret weapon in the oil price war

World Oil


LONDON (Bloomberg) –As Mexico and Saudi Arabia fight over a deal to bring the oil-price war to an end, Mexico has a powerful defense: a massive Wall Street hedge shielding it from low prices.

With talks well into …

Oil glut closes Middle East’s largest crude terminal

Oil glut closes Middle East’s largest crude terminal

World Oil


DUBAI (Bloomberg) – With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels.

Terminal operators at Fujairah in the …

Source: Reuters

U.S. crude oil inventories increase by 15.2 million barrels

Weekly Crude Oil Storage as of April 3, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.2 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil …

Source: CNBC

Oil jumps ahead of OPEC-led talks on output cuts

CNBC


Oil prices jumped on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

 

Thursday’s videoconference meeting …

April 8, 2020 - 9:05 am Closing Bell Story‎, Crude Oil Storage, Energy News
Phillips 66’s Gray Oak pipeline opens up storage amid oil glut

Phillips 66’s Gray Oak pipeline opens up storage amid oil glut

The Economic Times


NEW YORK: Phillips 66 Partners LP will offer shippers storage on its Gray Oak crude oil pipeline system in Texas because of an urgent need for tank space, the company said on Friday, as an oil glut

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters


DUBAI/MOSCOW  – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
The oil glut is filling up the world’s supertankers fast

The oil glut is filling up the world’s supertankers fast

Houston Chronicle


The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said.

A combination of surging production from key …

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Reuters


LONDON  – Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output.

No comprehensive data …

Source: Houston Chronicle

U.S. Halts Plan to Buy Crude Amid Uncertainty Over Funding

Houston Chronicle


The Trump administration halted plans to start buying oil to top up the nation’s emergency stockpile after failing to win funding from Congress, throwing a wrench in its most tangible efforts to help struggling drillers cope with the …

Source: Reuters

U.S. crude oil inventories increase by 1.6 million barrels

Weekly Crude Oil Storage as of March 20, 2020

PUBLISHER’S NOTE: To date, since coronavirus hit the headlines, seasonally-adjusted inventories, that is inventories relative to the five year average have failed to build as we’ve seen relative draws for crude,

Source: Houston Chronicle

US seeks $3 billion to boost oil producers as prices plunge

Houston Chronicle


WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.

President Donald Trump …

Source: Reuters

Glut of crude swells across Atlantic basin on coronavirus, OPEC+ hikes

Reuters


LONDON/NEW YORK – Crude oil traders from West Africa to the U.S. Gulf Coast are offering cargoes at deep discounts, desperately trying to attract buyers as global supplies swell and demand plunges.

Oil prices have plummeted to 18-year lows …

Source: Reuters

U.S. crude oil inventories increase by 2.0 million barrels

Weekly Crude Oil Storage as of March 13, 2020

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 453.7 million barrels, U.S. crude oil inventories …

Source: Reuters

Oil plunge sets off search for tanks on land and at sea

Reuters


NEW YORK/LONDON – Traders are scrambling to secure oil storage tanks on land and at sea to cope with slumping demand resulting from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war.

Rates to store …

Source: Reuters

U.S. could start buying crude for Strategic Petroleum Reserve in as soon as two weeks

Reuters


WASHINGTON – The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve in as soon as two weeks and fill it in several months, an Energy Department source said on Monday.

President Donald Trump …