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Old 04-20-2020, 09:25 PM
 
Location: Portland, Oregon
10,990 posts, read 20,570,522 times
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My distance vision isn't what it used to be... could they be storing oil?
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Old 04-21-2020, 01:41 AM
 
483 posts, read 354,201 times
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Originally Posted by Nell Plotts View Post
My distance vision isn't what it used to be... could they be storing oil?
I haven't seen firsthand what you're referring to but I work in the fuel business. I highly doubt they would be storing unrefined oil in Portland. Refined products like gasoline and diesel is much more probable. I can't imagine they would have a stock of heating oil this time of year. The demand for refined products has plummeted at the same time the Russians and Saudi's started a price war. The oversupply of refined products is unprecedented. At the rate we're going now pretty much all global product storage, including tank ships, will be full by mid-May. Even the pipelines are clogged full of products. That is the reason the May WTI contracts went negative yesterday.
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Old 04-21-2020, 09:35 AM
 
Location: WA
5,447 posts, read 7,743,493 times
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Originally Posted by Pavlov's Dog View Post
I haven't seen firsthand what you're referring to but I work in the fuel business. I highly doubt they would be storing unrefined oil in Portland. Refined products like gasoline and diesel is much more probable. I can't imagine they would have a stock of heating oil this time of year. The demand for refined products has plummeted at the same time the Russians and Saudi's started a price war. The oversupply of refined products is unprecedented. At the rate we're going now pretty much all global product storage, including tank ships, will be full by mid-May. Even the pipelines are clogged full of products. That is the reason the May WTI contracts went negative yesterday.
Saudi and Russian oil producers aren't producing a glut of oil in the US. American producers are doing that all by themselves.
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Old 04-22-2020, 11:14 PM
 
Location: Oregon Coast
15,421 posts, read 9,078,700 times
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Quote:
Originally Posted by Nell Plotts View Post
My distance vision isn't what it used to be... could they be storing oil?
Probably a good chance they are. They are using supertankers to store it on the ocean.

Supertankers drafted in to store glut of crude oil _ Business _ The Guardian
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