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Overview: Oil Market
The oil market has made an impressive comeback this year. Year to date the market has rallied more than 20% and more than 6 dollars in the last week only. OPEC/Saudi Arabia production cuts and correlation with equities are the main drivers for the move up.
But Iranian and Venezuelan sanctions (more below) are also above the market and are adding flavor, especially to seaborne Brent. The big question is whether the rally will continue with supply and demand predictions pointing to an oversupplied market so OPEC compliance is key and now at 87%. But any relief in the US/China trade rhetoric will certainly outweigh those worries and will give the market another boost.
Overview: Crude Market
WTI is displaying a decent cash and carry with front month more than 40 cents and Jun/Dec almost 90 cents contango. Brent is only showing a slight contango at the front and Jun/Dec at almost a buck backwardation. The reason for the backwardation is the same as the reason for the flat price rally: less barrels in the Atlantic basin due to outages, cuts and sanctions. The restricted supplies from the Middle East can also be witnessed in the freight market as more than 10 empty VLCC’s are now making voyages to the US, to export light crude from there.
Normally these vessels would arrive with heavy sour Middle East oil. The increasing contango in the WTI curve is due to the high Cushing stocks and the upcoming refinery turnarounds in the US to prepare for the summer driving season and of course the ever-increasing domestic production: last week US oil production reached 12 million barrels! Demand for storage in Europe is negligible at the moment, demand for US storage could pick up soon.
Washington imposed fresh sanctions on PDVSA last month to cut off a key source of revenue for President Nicolas Maduro. Due to the size of Venezuela’s oil-for-loan agreements with China and Russia and the weight of previous U.S. sanctions, cash-strapped PDVSA has become increasingly reliant on intermediaries to export its crude and import refined products. Some of these trading firms have stopped trading with Venezuela though, like Trafigura.
Trafigura has a long-standing arrangement with state-run PDVSA to take Venezuelan crude and, in exchange, supply the Latin American country with refined products. Venezuela is paying heavy premiums for fuel imports from Russia and Europe, with fewer than a dozen sellers seeing the risk as worth the reward after flows from the United States dried up because of sanctions. These barrels need to go somewhere. New flows result in new storage demands. We have the tanks to store the crude or the products till the sanctions will be over.
Tank Storage Availability Worldwide | ||||
Capacity (m3) | Product | Location | Available from | Enquire for Storage |
---|---|---|---|---|
New | ||||
32,081 | Chemicals | ARA | Now / Q2, 2019 | Click here |
6,440 | Easy Chemicals | Inland Germany | Now | Click here |
17,000 | Dirty Petroleum Products | North Germany | Now | Click here |
900 | Chemicals | Inland Germany | Q2, 2019 | Click here |
Belgium – The Netherlands | ||||
317,600 | Diesel / Gasoil | ARA | Now | Click here |
96,400 | Light Ends | ARA | Now / Q1, 2019 | Click here |
3,170 | Vegoils | ARA | Now | Click here |
40,000 | Biodiesel | ARA | Now, Q3 – 2019 | Click here |
10,000 | Bitumen | ARA | Now / Q1, 2019 | Click here |
North Europe | ||||
460,000 | Diesel / Gasoil | North Germany | Now | Click here |
6,000 | Diesel / Gasoil | North Germany | Q1, 2019 | Click here |
30,000 | Light Ends | West Coast UK | Now | Click here |
3,000 | Diesel / Gasoil | West Coast UK | Now | Click here |
10,000 | Various Products | West Coast UK | Now | Click here |
660,000 | Crude | West Coast UK | Q2/Q3, 2019 | Click here |
360,000 | Diesel / Gasoil | West Coast UK | Q2/Q3, 2019 | Click here |
40,000 | Various | East Coast UK | Now | Click here |
15,000 | Various | East Coast UK | Q4, 2019 | Click here |
15,000 | Diesel / Gasoil | East Coast Scotland | Now | Click here |
100,000 | Light Ends FP<60 | Ireland | Now | Click here |
200,000 | Crude | Ireland | Now | Click here |
4,700 | Various | Denmark | Now | Click here |
517,000 | Diesel / Gasoil | Denmark | Now | Click here |
122,500 | Light Ends | Denmark | Now | Click here |
100,000 | Dirty Pet Prods | Denmark | Now | Click here |
155,500 | Diesel / Gasoil | Sweden | Now | Click here |
74,579 | Dirty Petroleum Products | Sweden | Now | Click here |
5,000 | Vegoils | Sweden | Now | Click here |
15,000 | Light Ends | Sweden | Now | Click here |
8,300 | Light Ends | Norway | Now | Click here |
20,000 | Diesel / Gasoil | Norway | Now | Click here |
391,000 | Diesel / Gasoil | Finland | Now | Click here |
75,000 | Diesel / Gasoil | Estonia | Now | Click here |
60,000 | Light Ends | Estonia | Now | Click here |
200,000 | Crude | Baltics | Now | Click here |
9,000 | Light Ends FP<60 | Latvia | Now | Click here |
South Europe | Mediterranean | Black Sea | ||||
6,000 | Chemicals | France | Now | Click here |
260,000 | Crude | France | Now | Click here |
60,000 | Diesel / Gasoil | France | Now | Click here |
4,000 | Chems | South France – inland | Now | Click here |
7,000 | Gasoline / Componenten | North France | Q2, 2019 | Click here |
400,000 | Crude | NW Spain | Q3, 2019 | Click here |
5,000 | Light Ends | NW Spain | Now | Click here |
50,000 | Vegoils | NW Spain | Now | Click here |
25,000 | Fuel Oil/ Veg Oils | South Spain | Now | Click here |
45,000 | Clean Petroleum Products | South Spain | Now | Click here |
35,000 | Biodiesel | East Spain | Q1, 2019 | Click here |
55,000 | Chemicals | East Spain | Q1-Q2, 2019 | Click here |
279,000 | Diesel / Gasoil | East Spain | Now | Click here |
45,000 | Dirty Petroleum Products | East Spain | Now | Click here |
80,000 | Light Ends | East Spain | Q1, 2019 | Click here |
62,000 | Clean Petroleum Products | Malta | Now | Click here |
7,500 | Chemicals | NE Italy | Now | Click here |
15,000 | Diesel | NE Italy | Now | Click here |
2,050 | Chemicals | NW Italy | Now | Click here |
28,000 | Diesel / Gasoil | NW Italy | Q3, 2019 | Click here |
30,000 | Diesel / Veg oil / Edible | NW Italy | Now | Click here |
9,900 | Light Ends | Albania | Now | Click here |
22,000 | Veg oil / Diesel / No heating | Albania | Now | Click here |
10,000 | Chems / petroleum prods | Croatia | Now | Click here |
300,000 | Crude | Croatia | Now | Click here |
45,000 | Diesel / Gasoil | East Med | Now | Click here |
58,000 | Diesel | Turkey | Now | Click here |
45,000 | Fuel Oil | SE Turkey | Now | Click here |
120,000 | Light Ends FP<60 | SE Turkey | Now | Click here |
40,000 | Light Ends FP<60 | Romania | Now | Click here |
30,000 | Clean Petroleum Products | Georgia | Now | Click here |
100,000 | Crude / Dirty Petroleum Products | Georgia | Now | Click here |
5,000 | Vegoils / Chems | Ukraine, Black Sea | Now | Click here |
30,000 | Clean Petroleum Products | Ukraine, Danube | Now | Click here |
45,000 | Dirty Petroleum Products / Black Prods | Ukraine, Danube | Now | Click here |
12,000 | Fuel oil / Vegoils, heating | Ukraine, Danube | Now | Click here |
5,000 | Base oils / Chems | SW Russia | Now | Click here |
20,000 | Methanol | SW Russia | Now | Click here |
Africa | ||||
14,200 | Chems, excl. acids | Egypt | Now | Click here |
6,000 | Easy Chems / Vegoils /Edible | Egypt | Now | Click here |
10,000 | Petroleum Products | Egypt | Now | Click here |
2,000 | Chemicals | Kenya | Now | Click here |
12,000 | Chemicals | Tanzania | Now | Click here |
12,000 | Gasoil | Tanzania | Now | Click here |
55,000 | Diesel / Gasoline | Ghana | Sept, 2017 | Click here |
2,200,000 | Crude | South Africa | Now | Click here |
10,000 | Gasoline | South Africa | Now | Click here |
10,000 | Diesel | South Africa | Now | Click here |
Middle East | ||||
100,000 | Various Products | Gujarat, India | Now | Click here |
30,000 | Chems | Gujarat, India | Now | Click here |
15,000 | Bitumen | Gujarat, India | Now | Click here |
100,000 | Diesel / Gasoil | Gujarat, India | Now | Click here |
50,000 | Light ends | Gujarat, India | Now | Click here |
884,200 | Various Products | UAE | Sept, 2017 | Click here |
172,000 | Diesel / Gasoil | UAE | Now | Click here |
91,180 | Light Ends FP<60 | UAE | Now | Click here |
74,000 | Dirty Petroleum Products | UAE | Now | Click here |
35,795 | Chems | UAE | Now | Click here |
Far East Asia | ||||
30,000 | Light Ends | South China | Now | Click here |
200,000 | Dirty Petroleum Products | South China | Now | Click here |
200,000 | Dirty Petroleum Products | North China | Now | Click here |
200,000 | Dirty Petroleum Products | Gr. Ningbo | Now | Click here |
300,000 | Crude | Gr. Ningbo | Now | Click here |
300,000 | Crude | Shangdong | Now | Click here |
8,000 | Chemicals | Shangdong | Now | Click here |
3,500 | Chemicals | Gr. Ningbo | Now | Click here |
5,500 | Chemicals | South China | Now | Click here |
75,000 | Dirty Petroleum Products | South Korea | Now | Click here |
14,100 | Chemicals | South Korea | Now | Click here |
72,500 | Light Ends | South Korea | Now | Click here |
90,000 | Dirty Petroleum Products | Malaysia | Now | Click here |
22,000 | Vegoils / Chems | Malaysia | Q2, 2019 | Click here |
400,000 | Dirty Petroleum Products | Singapore | Now | Click here |
46,000 | Light Ends | Singapore | Now | Click here |
580,000 | Light Ends / Diesel | Singapore | Q3, 2019 | Click here |
60,000 | Light Ends / Diesel | Singapore | Q4, 2019 | Click here |
200,000 | Diesel / Gasoil | Gr. Singapore | Now | Click here |
255,000 | Dirty Petroleum Products | Gr. Singapore | Now | Click here |
North America | ||||
320,000 | Light Ends | California USA | Now | Click here |
150,000 | Light Ends | California USA | Q2, 2019 | Click here |
20,000 | Chemicals | California USA | Now | Click here |
2,360,000 | Dirty Petroleum Products | New York USA | Now | Click here |
2,295,000 | Crude | New York USA | Now | Click here |
21,000 | Chemicals | New York, USA | Now | Click here |
50,000 | Chems | New Jersey USA | Now | Click here |
100,000 | Diesel / Gasoil | New Jersey USA | Now | Click here |
114,000 | Light Ends | New Jersey USA | Now | Click here |
50,000 | Light Ends | Washington, USA | Q2, 2019 | Click here |
76,000 | Dirty Petroleum Products | Maryland USA | Now | Click here |
250,000 | Chemicals | North Carolina USA | Now | Click here |
20,000 | Chemicals | South Carolina, USA | Now | Click here |
120,000 | Light Ends | Rhode Island USA | Now | Click here |
100,000 bbl | LPG | New Hampshire, USA | Now | Click here |
570,000 | Various Products | Georgia USA | Now | Click here |
265,000 | Chemicals | Louisiana USA | Now | Click here |
260,000 | Chemicals | Louisiana USA | Now | Click here |
210,000 | Various Products | Texas, USA | Now | Click here |
30,000 | Biodiesel | Texas USA | Now | Click here |
194,000 | Chemicals | Texas, USA | Q1, 2019 | Click here |
Central & South America | ||||
350,000 | Crude | Bahamas | Now | Click here |
2,300,000 | Diesel / Gasoil | Aruba | Now | Click here |
190,000 | Various Products | Puerto Rico | Now | Click here |
110,000 | Crude | Colombia (Caribbean) | Now | Click here |
392,000 | Diesel / Gasoil | Colombia (Caribbean) | Now | Click here |
285,000 | Dirty Petroleum Products | Panama, Atlantic | Now | Click here |
29,500 | Dirty Petroleum Products | Argentina | Now | Click here |
10,000 | Diesel/ Gasoil | Argentina | Now | Click here |