The lease is to begin on May 1. Hess typically makes its available tank offer in the oil market to secure
the best bid.
Terminal and trading sources noted that dirty product tank demand is lower than the demand for clean products, especially in the Northeast.
This could put the dirty tank rates below clean. Dirty product tanks have a stronger demand on the Gulf Coast, which could be on par with clean tanks.
The market rate for storage tanks would depend on the duration of the lease and demand.
Meanwhile, Hess offered in early April the lease of 800,000 bbl of clean products storage capacity at its Port Reading, N.J., terminal, beginning July 1.