Amount of Stored Oil Expected to Peak in 2nd Quarter, EIA Says
05.25.2020 By Ricardo Perez - NEWS

May 25, 2010 [Houston Chronicle] – The amount of crude oil in storage tanks is expected to peak in the second quarter, before demand significantly increases around the world.

 
Storage tanks around the world added 6.6 million barrels of oil per day during the first quarter, but that accelerated to 11.5 million barrels per day in the second quarter as shutdown orders related to the coronavirus pandemic stunted travel and economic activity, the U.S. Energy Information Administration said Tuesday.

Those shutdown orders are expected to ease around the world during summer, boosting demand and oil prices, the EIA said.

Starting in the third quarter, the EIA said, global consumption of crude oil, gasoline, diesel, jet fuel and other products will increase for at least six consecutive quarters — reducing inventories and raising prices. The price of U.S. oil was just above $30 on Tuesday.

Global consumption of oil, gasoline and other related products is expected to average 92.6 million barrels per day in May, an 8 percent decrease from 100.7 barrels per day during the same time period last year, the EIA reported.

Economic growth and global consumption of crude oil and other fuels is expected to increase in 2021 but remain lower than 2019 levels, the agency said.

————-

Click Here to Access Today a 5,100 Tank Terminal Database With a Pro Trial
5,100 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Honeywell Technology is Selected for First Commercial Hydrogen Supply Chain via MCH
05.22.2025 - NEWS
May 22, 2025 [Fuel Cells Works]- Honeywell (Nasdaq: HON) announced that ENEOS, a leading energy c... Read More
Petronor’s Múskiz Refinery Begins Major Turnaround Event
05.22.2025 - NEWS
May 22, 2025 [Oil & Gas Journal]- Repsol SA subsidiary Petroleos del Norte SA (Petronor) has ... Read More
EU Awards Nearly €1B to 15 Green Hydrogen Projects Through Second European Hydrogen Bank Auction
05.21.2025 - NEWS
May 21, 2025 [Fuel Cells Works]- The Commission announced the selection of 15 renewable hydrogen ... Read More
Australia’s Energy Estate Acquires Site in California’s Arches Hydrogen Hub
05.21.2025 - NEWS
May 21, 2025 [H2 View]- Australian clean energy developer Energy Estate has acquired the San Lui... Read More