Global storage not tanked up enough
World commercial oil inventories continued their declining trend over the past year. Oil storage owners face a mixed market
In this article, PE looks at the evolution of storage trends in the industry. Part I of II. Regional trends across the globe are uneven, with supply bottlenecks increasing storage demand in some areas, while other markets are flat to lower. With oil markets expected to remain in backwardation, trader demand for storage is expected to remain lacklustre through 2019. According to the International Energy Agency (IEA), commercial oil inventories in rich countries, which peaked at the end of 2016, continue to draw. The IEA estimates that the second quarter saw a commercial year-on-year stock draw of 253m barrels, falling by 7.2m barrels in June from May for the eighth decline in 11 months. At th
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