Continental storage divide
European oil storage struggles as new facilities aid further growth in Asia
In this article, PE looks at the evolution of storage trends in the industry. Part II of II. European oil storage activity this year has been heavily affected by the market backwardation. By late September, Brent crude futures prices were backwardated by 20-50 cents per barrel for all delivery months, while gasoil futures prices were showing monthly backwardation of up to $3.25 a tonne along the forward price curve. Such structures removed most incentives for speculative product storage. According to the IEA, European commercial oil inventories declined to 959m barrels at the end of June from 999m barrels at the end-June 2017. The trend towards lower inventories appears to have been consiste
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
