Read the Latest News Affecting the Tank and Terminal Industry

Magellan Midstream Partners' Expansion in West Texas to Become Operational July 1
Tulsa World, June 12, 2020
Magellan Midstream Partners announced earlier this month that its new, 140-mile, 20-inch diameter pipeline connecting its Hearne, Texas tank farm to Alexander, Texas, will be online by July 1. The $1 billion expansion will enhance service to West Texas, New Mexico and additional markets in Arizona.

Motor Gasoline Accounted for Almost Half of U.S. Petroleum Consumption in 2019
U.S. Energy Information Administration, June 22, 2020
Petroleum products accounted for more than 37% of energy use in the United States in 2019, with motor gasoline accounting for about 45% of those petroleum products consumed.

Easton Energy Adds Crude, NGL Storage Rights at Texas Facility
Reuters, June 23, 2020
To augment dwindling storage capacity in the wake of the COVID-19 pandemic, storage operator Easton Energy is utilizing salt caverns along the Texas Gulf coastline to store natural gas liquids and olefins.

Harvest Midstream Completes Ingleside Pipeline
Rigzone, June 24, 2020
Harvest Midstream Company announced completion of its Ingleside pipeline. The 24-mile, 24-inch pipeline will provide about 600,000 bpd of capacity and provide transport to all three Ingleside Terminals by September 2020.

Asia's Rising Gasoline Demand Spells End for Floating Storage Trend
Reuters, June 19, 2020
After weeks of idling just off the Southeast Asia coast, the final three Panamax vessels used as floating storage tanks will discharge more than 2.4 million barrels of gasoline in Indonesia, Sri Lanka and Malaysia as fuel demand continues to rise in Asia.

Oman Is Building the Largest Oil Storage Facility in the Middle East
OilPrice.com, June 18, 2020
Oman has completed the first eight of a series of storage tanks at its Ras Markaz Crude Oil Park located about 600 miles from the Strait of Hormuz. When completed, the facility will be the largest in the region with an expected storage capacity of 25 million barrels.

EPA Advises Facility Operators to Prepare for Hazardous Weather Events
U.S. Environmental Protection Agency, June 11, 2020
With the onset of the Atlantic and Gulf Coast hurricane season, EPA has issued a reminder to all facility operators to review their requirements for preventing, minimizing and reporting chemical releases, as well as their procedures for shutting down and securing facilities in the case of hazardous weather conditions.

Federal Maritime Commission Issues Final Interpretive Rule on Demurrage and Detention Under the Shipping Act
JDSupra, June 16, 2020
The Federal Maritime Commission published its Final Interpretive Rule on Demurrage and Detention Under the Shipping Act on May 18. The ruling calls for mandatory, "practices and regulations relating to demurrage and detention for containerized cargo," a ruling that will directly impact importers, exporters, intermediaries and truckers.

Demand And Storage Cause Notable Shifts In Iraq’s Oil Flow To India, China
Forbes, June 12, 2020
Stockpiling of crude oil by China continued, as nearly 1.5 million bpd of oil was exported from Basrah, Iraq to China in May—an increase of more than half a million bpd for the same period in 2019, spurring a surge in "opportunistic buying" on the Shanghai International Energy Exchange.

Houston Ship Channel Expansion Reaches Major Milestone
BIC Magazine, June 11, 2020
The Galveston District of the U.S. Army Corps of Engineers has received a signed Chief of Engineers Report for their recommendations concerning the Houston Ship Channel, ending a four-year, $10 million study to determine channel improvements needed, environmental requirements to be met, and economic impacts to the nation as a whole.

China to Add 440MM Barrels to Crude Stocks
Rigzone, June 16, 2020
Dubbed the "big fill," China has added an estimated 440 million barrels of oil to its stockpile as of June 1, dwarfing the U.S. buildup in 2014-2015, with one analyst noting it as a reason for the rise in oil prices in April.

Oil and Gas Production ETF Paces for Best Quarter on Record, but Traders Say It’s Still a ‘Show-me Story’
CNBC, June 10, 2020
Despite the apparent rollercoaster ride in pricing, some ETFs are looking to have their best quarter on record. The SPDR S&P Oil and Gas Exploration and Production ETF (XOP) was up more than 102% in April, but by mid-June had slid by more than 7%.

U.S. Crude Output Decline in 2020 to be Steeper Than Previously Expected: EIA
Reuters, June 9, 2020
Amid bearish oil pricing, the U.S. Energy Information Administration revised its forecast and now expects domestic crude oil production to drop to 670,000 bpd in 2020 as drillers slow operations. However, with the easing of lockdowns, prices are starting to edge higher.

Amid the COVID-19 Crisis and the Looming Economic Recession, the Oil Storage Market Worldwide Will Grow By a Projected 579.4 Million Cubic Meter, During the Analysis Period
Markets Insider, June 8, 2020
Events stemming from the COVID-19 pandemic will affect the world's Oil Storage Market for the foreseeable future, including an adjusted CAGR of 4.4% worldwide, and an unprecedented 4% growth in the Strategic Petroleum Reserves market which analysts estimate will total 1.7 billion cubic meters by year's end.

GPA Midstream, GPSA Announce New Officers and Board Members
NCN Mid-Plains, June 4, 2020
GPA Midstream announced their 2020-2021 officers and board election last month, naming Bill Ward, senior vice president of commercial activity for Superior Pipeline Company, as board chairman, and John Poarch, president of ARM Energy Midstream, as chairman elect.

U.S. Commercial Crude Oil Inventories Reach All-time High
U.S. Energy Information Administration, June 29, 2020
Commercial crude inventories have reached an all-time high of 541 million barrels in the United States for the week ending June 19.

Two Leading Oil Price Reporting Agencies Launch New U.S. Crude Benchmarks to Rival WTI
June 26, 2020
S&P Global Platts and Argus Media have launched new benchmarks for U.S. crude as both move away from traditional system to a new price assessment methods.

Empire Acquires Louisiana Terminal from Equilon
Rigzone, June 29, 2020
Empire Pipeline LLC has acquired a Gibson, Louisiana terminal from Equilon Enterprises LLC. Transaction details for the Terrebonne Parish terminal were not released.

DCP Midstream LP: Tallgrass Energy Announces Cheyenne Connector Pipeline In-Service; D-J Basin Supply Gains First Firm Access to Rockies Express Pipeline Through REX Cheyenne Hub Enhancement Project
Market Screener, June 26, 2020
Tallgrass Energy LP announced ITS Rockies Express Pipeline and the Cheyenne Connector pipeline are officially online, with approval by the Federal Energy Regulatory Commission on file as of June 24.

UAE to Add 3.8 MMbbl Capacity to Oil Storage Hub in 2020
World Oil, July 1, 2020
Brooge Energy Ltd. announced last week that eight new tanks under construction at its site in the United Arab Emirates have been booked in entirety by a single customer. The Phase Two tanks are expected to be fully operational by the end of the year.