Storage
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.
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.
China kept building its crude stockpile in April despite Iran crisis
The ongoing building of inventories by the world's biggest crude importer underlines that China is in quite a different situation to the rest of the world, which is burning through oil stockpiles to compensate for the loss of about 12 MMbpd of supply to the effective closure of the Strait of Hormuz.
China's April oil throughput hits lowest since August 2022, inventories rise
The run cuts were due to negative oil-processing margins, and Chinese independent refineries are expected to deepen the cuts in May despite Beijing urging small refiners to maintain fuel production.
EIA: U.S. crude and fuel inventories fall as Iran war roils energy markets
Fuel inventories also declined, as exports of petroleum products rose to their highest level on record.
- India launches gasoline blended with 85% ethanol at lower price 6/5
- U.S. oil exports surge, draining domestic crude inventories toward rock bottom 6/5
- Indian companies willing to deepen presence in Venezuela 6/5
- Japan steps up efforts on cooking oil in race for sustainable aviation fuel 6/5
- Indian refiner Nayara says Vadinar refinery turnaround completed 6/5
- South Korea jet fuel exports rebound in May to pre-war levels 6/5
