U.S. crude oil storage is filling rapidly: Kemp

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford

But a more severe constraint is likely to come from the refined fuels system, where storage capacity is lower and logistics constraints are tougher. Net stocks of crude held at refineries and tank farms amounted to 375 million barrels at the end of last week, implying storage facilities were about 57% full .

However, crude inventories have been rising at an average of 16 million barrels per week over the last three weeks. If tank farms continue to fill at this rate, spare capacity will fall back to its recent lows by the end of May.U.S. petroleum markets, refining and storage are organised regionally rather than nationally, with limited transfer capacity and flexibility between regions.

In the Midwest refining region storage utilisation is at 60%, up from 48% four weeks earlier, but still well below the recent peak of 80%. Operational requirements suggest the tank system could become effectively full well before working capacity reached 100% .

Jozef!!!!!!!!!!!!!!!!!!!

Fill up at low prices. Weather the storm and prepare for more storms

keep filling them up with cheap oil then create a problem to sell them $100/barrel

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Facebook Cancels Big Events Through June 2021Facebook is canceling gatherings of more than 50 people through June 2021. It's also requiring most employees to work from home through May, with the option to continue doing so through the summer. The most important thing social distancing and staying home has proven is you CAN work from home, shit still gets done. You don't need me sitting in an office all day. Lol Just now....wow!!!
Source: NPR - 🏆 96. / 63 Read more »

Facebook To Cancel Planned Company Events With Over 50 Attendees Until June 2021Facebook CEO Mark Zuckerberg announced that his company is canceling all planned physical events with 50 or more attendees until June 2021 by AngelAuYeung AngelAuYeung 😂 AngelAuYeung But Lizard people can’t get the Coronavirus? CarpeNoctom AngelAuYeung Announcement from 2004
Source: Forbes - 🏆 394. / 53 Read more »

Agencies Confirm Virtual Cannes Market Set for JuneCAA Media Finance, Endeavor Content, ICM Partners and UTA have confirmed their virtual market in Cannes will run from June 22 to 28. “Conceived as a contingency plan should the market for fin… Whats your magical powers
Source: Variety - 🏆 108. / 63 Read more »