• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 32 mins Total nonsense in climate debate
  • 1 day IMO2020 To scrub or not to scrub
  • 14 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 5 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 9 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 54 mins Will Canada drop Liberals, vote in Conservatives?
  • 1 hour Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 1 hour Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
The Myth Of Cheap Shale Oil

The Myth Of Cheap Shale Oil

According to the Federal Reserve…

Tainted Russian Oil Crisis May Drag On For Months

Tainted Russian Oil Crisis May Drag On For Months

Russia could have seriously underestimated…

U.S. Expands Oil And Gas Storage Facilities By 6 percent In 6 Months

Cushing Oil Storage

The United States expanded its oil storage capacity by 34 million barrels, or six percent, from September 2015 to March 2016, according to the Energy Information Administration’s latest report on the matter.

The addition marks the largest such capacity growth since the EIA began collecting the data in 2011, Reuters reported on Wednesday. Industry insiders had feared storage capacities would fail to keep up with the speed of American oil and gas production.

Low oil prices have led American oil reserves to swell over the course of the past two years. The 15 percent increase in fuel storage has pushed crude oil storage utilization levels to a record high of 73 percent for the week ending June 10th.

The fires in Alberta, Canada and reduced output in the United States have led crude oil stocks to decrease, spurring a price increase, albeit with limited effect.

The EIA’s report, released every six months, said the expansion of crude storage would help “accommodate the growth in U.S. crude oil inventories, which surpassed 500 million barrels at the end of January 2016.”

Related: Shell’s Ambitious Plan To Topple Exxon

Inventories of the raw product rose in 24 of the 30 weeks covered in the report, which highlights the need for larger facilities. Cushing, Oklahoma - a major energy storage facility in the United States - has been at 87 percent capacity in the past four weeks - up six percent from last year. The Gulf Coast region, surrounding the Gulf of Mexico, saw similarly high utilization rates in their storage sites.

“The largest commercial crude oil storage capacity expansions since September were in the Midwest and Gulf Coast regions, which added 19 million barrels and 13 million barrels, respectively,” the report read. “Combined, these regions account for 82 percent of total U.S. commercial crude oil storage capacity. Within the Midwest, storage capacity at Cushing, the delivery point for the Nymex WTI futures contract, expanded 1.5 million barrels.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News