The hunt for oil storage space is on — here's how it works and why it matters

In short, U.S. oil futures posted their largest one-day sell-off ever on Monday as a result of an oversupplied market testing storage capacity, analysts at Goldman said.President Donald Trump said on Monday that he would consider the prospect of preventing incoming Saudi Arabian crude oil shipments in an attempt to ease pressure on U.S. shale producers.With many oil tanks filling up, the U.S.

In any case, if storage tanks are full and it is not possible to store crude on floating tankers at sea, analysts expect producers to start shutting in wells — a process that can physically damage reservoirs and threatens the prospect of reviving future output.Such unprecedented price action has raised some "serious questions," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Tuesday.

Among them, Varga pondered: Does the price point to a broken U.S. physical market? Will WTI at Cushing cease to exist as the main price market? And, was the carnage a one-off or is there a chance that the June contract will overtake the role of the expiring front month?

The Sunday drive is back.

Stop pumping then

нСпасибо за овость

BP just dumps it in the gulf

Come to D/FW, I saw regular traffic patterns yesterday. Lockdown? What lockdown? My thought is, we’re in a road warrior situation by this time next year.

elonmusk Would oil be used on Mars?

Have you considered stopping production? Duh

The best place to store oil is the place it came from originally

my bath tub is full

How much does it cost to inject oil back into the deposit? Why not reverse certain tactical pipelines, offloading big tankers to make room for cheap oil and buy all we can get our hands on, especially if you get paid to take it!

I have 17500 litre tanks in my yard ... can I help?

niremas 3 weeks ago I was told of the looming oil storage shortage and to invest in such firms. How do I sort good advice like that from the shit I choose to act on?

CommSec Store oil at the wework offices

Where can I buy barrels from?

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A hunt for any storage space turns urgent as oil glut growsThe 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 use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices negative for the first time. Devikakrishnak Jennifer_Hiller it was perfectly fucking fine in the ground Devikakrishnak Jennifer_Hiller Stop pumping? 🤔 Devikakrishnak Jennifer_Hiller US STRATEGIC OIL RESERVE WILL TAKE IT FOR FREE.
Source: Reuters - 🏆 2. / 97 Read more »