Storage

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.

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.