Gulf Coast operators benefiting from surge in US exports
Independent oil storage operators in the US are mostly experiencing difficult times but business is good on the Gulf coast
Trends in the US oil market have not been favourable to independent storage operators in recent years – except for those on the Gulf coast, which are benefiting from the surge in US exports. While refined product storage volumes are down generally, new terminal capacity is being constructed on the Gulf coast. US storage operators have experienced a dual attack on their business for the past several years. Because US oil use is declining, smaller volumes are moving through the distribution system and commercial stocks do not have to be so large. Meanwhile, product prices have moved into backwardation – forward prices lower than prompt – so speculative storage has evaporated and volumes have b
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