Storage

EIA: U.S. crude inventories decline for tenth week to over 40-yr low

The total stocks, including those from the strategic petroleum reserve, have fallen by 96.25 million barrels since the start of the Iran war, as countries around the globe have called on U.S. oil and products to fill supply gaps.

Opinion: China used crude stockpiles to ease Iran shock, but not that much

For the first time in 14 months China's refiners processed more crude in May than was available to them from both imports and domestic production.

U.S. summer driving season hits as gasoline supplies squeezed tight

Surging summer demand from American motorists has not stopped U.S. refiners from increasingly prioritizing lucrative diesel and jet fuel production to backfill global shortages caused by shipping disruptions at the Strait of Hormuz.

Gulf Coast Midstream selects Audubon for FEED on Nash Energy Storage Hub

Audubon Companies has been selected by Gulf Coast Midstream Partners (GCMP) to provide front-end engineering and design (FEED) for the Nash Energy Storage Hub.

U.S. oil exports surge, draining domestic crude inventories toward rock bottom

Cushing is among the largest oil storage hubs in the world. Oil levels in its tanks have fallen rapidly since the war began and Iran effectively closed tanker traffic through the Strait of Hormuz.

IEA forecasts chance of critically low stockpiles before peak summer demand

Fuel demand typically peaks in the Northern Hemisphere summer when people drive and fly on holiday.

U.S. gasoline market set for fresh test after near-record stock draws

U.S. gasoline prices have already jumped by 50% to close to four-year highs since the U.S. and Israeli war against Iran began on February 28, and currently average around $4.33 per gallon.

Pakistan plans oil reserves, storage push as Hormuz constraints expose vulnerabilities

Despite depending on supplies through the Strait of Hormuz for up to 90% of its oil and liquefied natural gas imports, Pakistan has no strategic petroleum reserves.

Senegal fuel subsidy could exceed budget allocation by $2 B

Oil market clock is ticking as supply crunch looms

Before the conflict began on February 28, few experts anticipated that Iran would actually shut down the Strait. Almost no one thought the obstruction would stretch into months.