Read the Latest News Affecting the Tank and Terminal Industry

Flurry of U.S. Crude Export Fixtures Offers Glimmer of Hope
Reuters, May 28, 2020
Tentative bookings for crude oil export from the U.S. Gulf Coast may signal an uptick in demand after the devastating drop in the wake of COVID-19. BP, Trafigura and Equinor have all scheduled vessels to carry U.S. crude in the coming months.

Lasting Contango in Oil: Market Spread to Outlast Supply-demand Imbalance
Reuters, May 29, 2020
Despite growing demand, the oversupply of oil may keep the market in contango for longer than expected, prompting some traders to hold off on selling their supply until later in the year.

RPT-China, India Soak Up Oil from Floating Storage as Demand Recovers
Reuters, May 28, 2020
Growing demand from China and India prompted an sizeable unloading of oil stored at sea, with nearly 25 million barrels of crude being discharged to Asian markets in the past week.

The Oil Storage Crisis Is Far from Over
Markets Insider, May 28, 2020
Though demand continues to grow around the world as countries emerge from lockdown, reports suggest that May demand will be off by about 25 million bpd compared to 2019 and continue to be off through December 2020. Oil storage issues remain as well, raising fears of a repeat of April's selloff.

The World’s Top Oil Importer Is Expanding Its Storage Capacity
OilPrice.com, May 22, 2020
Taking advantage of cheap pricing, China nearly doubled its strategic commercial oil reserves in the first quarter of 2020, with another 230 million barrels ordered for delivery this summer. 

Port of Corpus Christi Adding 17 Million Barrels of Crude Oil Storage
Houston Chronicle May 19, 2020
In response to record-low pricing and a glut of crude oil supply, the Port of Corpus Christi announced another 17 million barrels of storage will become available by August. Additionally, six companies operating in the port will add more than 20 million barrels of storage in the coming year.

Oil Rises on Signs of Improving Demand, Drawdown in U.S. Crude Inventories
NASDAQ, May 20, 2020
Amid government and central bank stimulus, growing demand, and a drawdown of U.S. crude inventories, the energy sector gained strength earlier this month rising about 2.5%. Still, economic uncertainties continue to restrain pricing.

EIA Expects Record Liquid Fuels Inventory Builds in Early 2020, Followed by Draws
Today in Energy, May 19, 2020
With crude oil prices at their lowest level in 20 years and record levels of crude inventory in storage, the U.S. Energy Information Administration predicts global inventory to peak by June, followed by inventory draws for at least six consecutive quarters, with a rise in pricing to follow.

The Number of Active U.S. Crude Oil and Natural Gas Rigs Is at the Lowest Point on Record
Today In Energy, May 20, 2020
The number of active U.S. oil and natural gas rigs dropped by more than 50% since March 17, the lowest number since record-keeping began in 1987. This affects more than 300 rigs throughout the Permian, Eagle Ford and Bakken regions.

Port of Corpus Christi Sees Crude Exports Plunge 35% and Counting
S&P Global, May 15, 2020
Export levels at the Port of Corpus Christi fell from 1.7 million bpd in the first quarter to about 1.1 million bpd in the first week of May. Pre-existing contracts and hedged pricing supported activity in Q1, but with those deals now done, a steep dip in demand at the Port is expected, said port CEO Sean Strawbridge.

Oil Glut Makes Storage a Pricey Commodity of Its Own
Houston Chronicle, May 18, 2020
The slowly climbing price of oil is being offset by a lack of storage and a worldwide glut of oil as producers are forced to find alternative ways and means to store their product until demand picks up.

Moda Midstream Completes 10 Million Barrel Crude Oil Storage Expansion at Ingleside, Taft Facilities
The News of San Patricio, May 9, 2020
Moda Midstream announced it has brought 10 million barrels of crude oil storage online at its Moda Ingleside Energy Center (MIEC). In addition, Moda has broken ground on an additional 3.5 million barrels of storage at MIEC and estimates it coming onlline later this year. 

GAO Issues Chemical Facility Protection Recommendations
Homeland Preparedness News, May 18, 2020
The Government Accountability Office has issued recommendations to the Department of Homeland Security regarding chemical facility cybersecurity and the implementation of inspector- or program-specific performance measures. The DHS Chemical Facility Anti-Terrorism Standards (CFATS) program has not been updated in more than 10 years, and in some cases, does not follow basic inspector training practices, GAO said.

Dalmac Energy Goes on the Auction Block
Markets Insider, May 20, 2020
After more than 50 years in the energy sector, Alberta-based Dalmac Energy has ceased operation and its assets, including truck and trailer fleet and remaining inventory, will be auctioned off June 3 at 9 a.m. MDT during a live webcast auction conducted by GA Global Partners. Live inspections are available by appointment.

Senate Committee Advances Water Resources Bill
The Waterways Journal Weekly, May 8, 2020
The Senate Environment and Public Works Committee has advanced to the Senate floor its America's Water Infrastructure Act, a water resources bill that provides authorization for about $17 billion in funds for infrastructure projects, including provisions to deepen strategic ports and maintain inland waterway navigability.

Murphy Oil, El Dorado to Split After 70 Years
Texarkana Gazette, May 10, 2020
After more than 70 years as an integral part of the El Dorado community, Murphy Oil announced it was leaving the southern Arkansas farming region and moving its headquarters to Houston. The company will also be closing its Calgary, Alberta operation and consolidating all activities to the new Houston corporate headquarters.