Continental storage divide
European oil storage struggles as new facilities aid further growth in Asia
In this article, PE looks at the evolution of storage trends in the industry. Part II of II. European oil storage activity this year has been heavily affected by the market backwardation. By late September, Brent crude futures prices were backwardated by 20-50 cents per barrel for all delivery months, while gasoil futures prices were showing monthly backwardation of up to $3.25 a tonne along the forward price curve. Such structures removed most incentives for speculative product storage. According to the IEA, European commercial oil inventories declined to 959m barrels at the end of June from 999m barrels at the end-June 2017. The trend towards lower inventories appears to have been consiste
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
