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Oil Can Push Higher As Cushing Stockpiles Collapse
Oil Can Push Higher As Cushing Stockpiles Collapse Crude prices will likely get a fresh boost this week, as stockpiles at the key US storage hub in Cushing, Oklahoma, risk collapsing to the lowest level (aka “tank-bottoms”) in almost a decade. Such a move would embolden those aiming for a return of $100 oil by […]
JPM: “We Could Be Just Weeks Away From Cushing Effectively Running Out Of Crude”
JPM: “We Could Be Just Weeks Away From Cushing Effectively Running Out Of Crude” Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory – a stunning turn of events that cost traders massive losses – when the spot oil market found itself with an unprecedented glut as […]
“It’s Happening Again” – Traders Store Oil At Sea As Recovery Falters
“It’s Happening Again” – Traders Store Oil At Sea As Recovery Falters Crude prices slid Thursday as the stalled global economic recovery from the virus pandemic triggers a “second wave” of demand fears and sparks renewed interest in floating storage as the oil market flips bearish. Reuters said a “fresh build-up of global oil supplies, pushing traders including Trafigura […]
Will covid-19 delay peak oil?
Will covid-19 delay peak oil? With global demand having fallen by about 29 million barrels per day from a year ago, it seems like this pandemic might delay peak oil production while the pandemic and consequent depression lasts, since so much less oil is being consumed. Since storage is getting full, many oil producers are […]
There Is Now A Record 375 Million Barrels Of Oil Stored On Tankers
There Is Now A Record 375 Million Barrels Of Oil Stored On Tankers Last weekend we showed that as oil storage on land was rapidly filling up, a familiar sight was seen off the coast of Asia’s oil hub in Singapore: a record surge in tankers on anchor used as seaborne storage, and taking advantage of the […]
“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down
“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil […]
The Unthinkable Is Happening: Oil Storage Space Is About To Run Out
The Unthinkable Is Happening: Oil Storage Space Is About To Run Out In the past three weeks, oil plunged and has continued to plunge even more in the aftermath of the oil price war declared between Saudi Arabia and Russia, and where US shale (and its junk bonds) has been caught in the crossfire. However, […]
Europe Is Awash With Oil Stored On Ships
Europe Is Awash With Oil Stored On Ships While many analysts and agencies have already called the end of the global oil glut, oil held in floating storage in Europe is at an at least 18-month-high, also due to the booming U.S. oil exports that have displaced some of the traditional crude oil routes in […]
Hurricane Irma Prompts Oil Storage, Port Shutdowns
Hurricane Irma Prompts Oil Storage, Port Shutdowns Hurricane Irma has prompted the shutdown of at least two oil storage complexes in the Caribbean, with a combined capacity of 18.6 million barrels, S&P Platts reports. One of these, a 14-million-barrel terminal on the island of St Eustatius operated by NuStar Energy sustained damages to some of […]
Glut Fears Spike As Europe Runs Out Of On-Land Oil Storage
Glut Fears Spike As Europe Runs Out Of On-Land Oil Storage Oil has been called names (“dirty fossil fuel!”). The cartels use it as a weapon to thwart their rivals. ISIS steals it and pimps it out on some sketchy black market. Swaths of it are set on fire and used as a shield. The […]
Why China Is Really Dictating the Oil Supply Glut
Why China Is Really Dictating the Oil Supply Glut Ship tracking data from Bloomberg shows that 83 supertankers carrying around 166 million barrels of oil are headed to China, which has stockpiled an impressive 787,000 barrels a day in the first quarter of 2016—the highest stockpiling rate since 2014. While the world was speculating about oil prices […]
Oil Prices Fall Fast On Huge Inventory Build
Oil Prices Fall Fast On Huge Inventory Build Two hundred and twenty-two years after Josiah G. Pierson patented the rivet machine, and the oil market remains as riveting as ever. (I’m here all week, folks). After yesterday’s API report gave a flourishing hat-tip towards a large build to crude stocks and a large draw to […]
Why Oil Prices May Not Move Higher
Why Oil Prices May Not Move Higher The oil-price rally that began in mid-February will almost certainly collapse. It is similar to the false March-June 2015 rally. In both cases, prices increased largely because of sentiment. As in the earlier rally, current storage volumes are too large and demand is too weak to sustain higher […]
A Secret About Oil You Won’t Find Anywhere Else
A Secret About Oil You Won’t Find Anywhere Else This is going to be a far larger problem than Wall Street realizes. In early 1983 – the first week of February, to be precise – the inventory of crude oil in the U.S. reached an all-time economic high. I say “economic high” because nominal supply […]
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices One week ago, we reported that even as traders were focusing on the daily headline barrage out of OPEC members discussing whether or not they would cut production (they won’t) or merely freeze it (at fresh […]
