October 22, 2018 [TankTerminals.com] - Market Brief: Market Overview: Crude & Gasoil. Storage Opportunities: Light Ends, Chemicals, Vegoils (ARA & East Coast UK).
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Market Overview: Crude
Brent finally broke 80 USD and never looked back. OPEC is reluctant or incapable to produce more oil while supplies from Venezuela and notably Iran are falling rapidly. WTI is rising too but not as fast as Brent, a reflection of tightening supply in the Middle East while U.S. shale production is close to record highs and pipeline bottlenecks are preventing the oil to be exported. Hedge funds are betting on higher prices as well, expecting more export cuts in Iran, exacerbating the move up.
To find crude capacity in Europe remains a challenge, especially closer to the refinery cluster as the major players are holding on to their market share. In second tier locations we see some availability against fairly competitive rates. We also see a shift in behavior from dedicated terminals; they now seem more open to commercial third party proposals. For crude operators this is quite rare, but it is interesting to see whether a fully independent crude terminal could be more common in the future.
It remains to be seen what kind of impact the US sanctions will have on the Iranian crude oil export. The European Union is looking to create a Special Purpose Vehicle (SPV) where it would still be possible to trade with Iran bypassing the US sanctions. Iran would import products out of the European Union and will export and store crude in the EU. This could be an opportunity for storage operators.
Market Overview: Gasoil
With Sep/Oct probably expiring in a small contango, the curve further out now looks backwardated again up to July 2019 where a small contango comes in due to IMO 2020. On the one hand, the strength in spreads is seasonal but on the other we now see the catch up demand into the hinterland having a positive effect on spreads as well. With the risk of sounding like a broken record, distillate storage is still ample and lacks serious interest at the moment.
Gasoil spreads are cooling off again. The front is in a small contango while further out the backwardated market is slowly cooling off as well. The market is cautiously showing interest for storage for gasoil products again. Not for big volume, but for smaller tanks. Prices are still at the low end of the range and availabilities are ample.
| Tank Storage Availability Worldwide | ||||
| Capacity (m3) | Product | Location | Available from | Enquire for Storage |
|---|---|---|---|---|
| New | ||||
| 10,800 | Chemicals | ARA | Now | Click here |
| 486,400 | Light Ends | ARA | Now / Q1, 2019 | Click here |
| 5,500 | Chemicals | ARA | Q1, 2019 | Click here |
| 8,400 | Vegoils | ARA | Q1, 2019 | Click here |
| 6,200 | Vegoils / Chemicals | East Coast UK | Now | Click here |
| Belgium – The Netherlands | ||||
| 567,600 | Diesel / Gasoil | ARA | Now / Q1, 2019 | Click here |
| 4,700 | Vegoils | Inland | Now | Click here |
| 55,000 | Dirty Petroleum Products | ARA | Q2, 2019 | Click here |
| North Europe | ||||
| 460,000 | Diesel / Gasoil | North Europe | Now | Click here |
| 18,000 | Diesel / Gasoil | North Germany | Q1, 2019 | Click here |
| 5,927 | Chems | Inland Germany | Now | Click here |
| 18,500 | Diesel / Gasoil | Inland Germany | Now | Click here |
| 13,000 | Various Products | West Coast UK | Now | Click here |
| 30,000 | Gasoline | West Coast UK | Now | Click here |
| 3,000 | Diesel / Gasoil | West Coast UK | Now | Click here |
| 28,000 | Various Products products | East Coast UK | Now | Click here |
| 15,000 | MGO / IFO | East Coast Scotland | Now | Click here |
| 100,000 | Light Ends FP<60 | Ireland | Now | Click here |
| 200,000 | Crude | Ireland | Now | Click here |
| 4,500 | Various | Denmark | Now | Click here |
| 10,000 | Vegoils / Chems | Denmark | Now | Click here |
| 380,000 | Diesel / Gasoil | Denmark | Now | Click here |
| 37,079 | Dirty Petroleum Products | Sweden | Now | Click here |
| 203,000 | Diesel / Gasoil | Sweden | Now | Click here |
| 12,500 | Vegoils | Sweden | Now | Click here |
| 15,000 | Jet | Sweden | Now | Click here |
| 20,000 | Diesel / Gasoil | Norway | Now | Click here |
| 391,000 | Diesel / Gasoil | Finland | Now | Click here |
| 4,000 | Chemicals | Finland | Now | Click here |
| 48,000 | Light Ends FP<60 | Lithuania | Now | Click here |
| 140,000 | Crude | Estonia | Now | Click here |
| 97,000 | Diesel / Gasoil | Estonia | Now | Click here |
| 73,000 | Light Ends FP<60 | Estonia | Now | Click here |
| 200,000 | Crude | Baltics | Now | Click here |
| 23,500 | Light Ends FP<60 | Latvia | Now | Click here |
| South Europe | Mediterranean | Black Sea | ||||
| 17,700 | Various Products Products | Portugal | Q3, 2018 | Click here |
| 40,000 | Chemicals | East Spain | Q2, 2019 | Click here |
| 400,000 | Crude | Spain | Now | Click here |
| 130,000 | Biodiesel | Spain | Now | Click here |
| 56,000 | Various | NW Spain | Now | Click here |
| 23,000 | Vegoils/ Chems | South Spain | Now | Click here |
| 25,000 | Dirty Petroleum Products | South Spain | Now | Click here |
| 317,000 | Light Ends FP<60 | East Spain | Now | Click here |
| 110,000 | Diesel / Gasoil | East Spain | Now | Click here |
| 70,000 | Diesel / Gasoil | East Spain | April, 2018 | Click here |
| 80,000 | Diesel / Gasoil | East Spain | Now | Click here |
| 20,000 | Dirty Petroleum Products<60 | East Spain | Now | Click here |
| 25,000 | Dirty Petroleum Products | East Spain | Now | Click here |
| 5,000 | Chems | North France – Inland | Now | Click here |
| 2,000 | Chems | South France – inland | Now | Click here |
| 220,000 | Crude | France | Now | Click here |
| 40,000 | Diesel / Gasoil | NW France | Now | Click here |
| 19,600 | Vegoils / Chems | NW France | Now | Click here |
| 4,000 | Light Ends FP<60 | NW France | Q2, 2019 | Click here |
| 150,000 | Diesel / Gasoil | East Med | Now | Click here |
| 300,000 | Crude | East Med | Now | Click here |
| 10,000 | Chems / petroleum prods | Croatia | Now | Click here |
| 7,500 | Chemicals | NE Italy | Now | Click here |
| 15,000 | Diesel / Gasoil | NE Italy | Now | Click here |
| 12,000 | Light Ends FP >60 | NW Italy | Now | Click here |
| 30,000 | Various Products | NW Italy | Now | Click here |
| 8,000 | Chemicals | NW Italy | Now | Click here |
| 46,000 | Diesel / Gasoil | NW Italy | Now | Click here |
| 7,000 | Molasses | NW Italy | Now | Click here |
| 9,900 | Gasoline | Albania | Now | Click here |
| 30,000 | Light Ends FP<60 | Georgia | Now | Click here |
| 100,000 | Dirty Petroleum Products | Georgia | Now | Click here |
| 45,000 | Dirty Petroleum Products | Ukraine, Danube | Now | Click here |
| 30,000 | Light Ends FP<60 | Ukraine, Danube | Now | Click here |
| 12,000 | Dirty Petroleum Products | Ukraine, Danube | Now | Click here |
| 5,000 | Vegoils / Chems | Ukraine, Danube | Now | Click here |
| 120,000 | Light Ends FP<60 | SE Turkey | Now | Click here |
| 45,000 | Dirty Petroleum Products | SE Turkey | Now | Click here |
| 12,000 | Vegoils | Illichevsk | Now | Click here |
| 5,000 | 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 | Vegoils / Chems | Egypt | Now | Click here |
| 10,000 | Diesel / Gasoil | Egypt | Now | Click here |
| 2,000 | Chemicals | Kenya | Now | Click here |
| 20,000 | Chemicals | Tanzania | Now | Click here |
| 55,000 | Light Ends FP<60 | Ghana | Sept, 2017 | Click here |
| 10,000 | Gasoline | South Africa | Now | Click here |
| 10,000 | Diesel / Gasoil | South Africa | Now | Click here |
| 2,200,000 | Crude | South Africa | Now | Click here |
| Middle East | ||||
| 100,000 | Various Products | Gujarat, India | Now | Click here |
| 97,600 | Chems | Gujarat, India | Now | Click here |
| 15,000 | Bitumen | Gujarat, India | Now | Click here |
| 100,000 | Diesel / Gasoil | 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 | ||||
| 80,000 | Light Ends FP<60 | South China | Now | Click here |
| 150,000 | Dirty Petroleum Products | South China | Now | Click here |
| 200,000 | Dirty Petroleum Products | North China | Now | Click here |
| 30,000 | Chemicals | Shangdong | Now | Click here |
| 150,000 | Crude | Shangdong | Now | Click here |
| 8,000 | Chemicals | South China | Now | Click here |
| 12,5000 | Chemicals | North China | Now | Click here |
| 250,000 | Dirty Petroleum Products | Gr. Ningbo | Now | Click here |
| 200,000 | Light Ends FP<60 | Yangtze River / East China | Now | Click here |
| 300,000 | Crude | Greater Ningbo | Now | Click here |
| 15,200 | Chemicals | South Korea | Now | Click here |
| 72,500 | Light Ends FP<60 | South Korea | Now | Click here |
| 14,100 | Chemicals | South Korea | Now | Click here |
| 90,000 | Light Ends FP<60 | Malaysia | Now | Click here |
| 34,800 | Vegoils / Chems | Malaysia | Now | Click here |
| 46,000 | Light Ends FP<60 | Singapore | Now | Click here |
| 300,000 | Dirty Petroleum Products | Singapore | Now | Click here |
| 500,000 | Light Ends FP<60/td> | Gr. Singapore | Now | Click here |
| 270,000 | Diesel / Gasoil | Gr. Singapore | Now | Click here |
| 255,000 | Dirty Petroleum Products | Gr. Singapore | Now | Click here |
| North America | ||||
| 70,000 bbl | Biodiesel | California USA | Now | Click here |
| 456,000 bbl | Various Products | Ohio USA | Now | Click here |
| 60,000 bbl | Chems | Pennsylvania USA | Now | Click here |
| 60,000 | Chemicals | New York, USA | Now | Click here |
| 35,000 bbl | Light Ends FP<60 | New York USA | Now | Click here |
| 1,520,000 bbl | Dirty Petroleum Products | New York USA | Now | Click here |
| 2,710,000 bbl | Crude | New York USA | Now | Click here |
| 50,000 bbl | Chems | New Jersey USA | Now | Click here |
| 250,000 bbl | Diesel / Gasoil | New Jersey USA | Now | Click here |
| 24,000 bbl | Vegoils / Chemicals | Maryland USA | Now | Click here |
| 450,000 bbl | Dirty Petroleum Products | Maryland USA | Now | Click here |
| 280,000 bbl | Dirty Petroleum Products | Virginia, USA | Now | Click here |
| 200,000 bbl | Diesel / Gasoil | Virginia, USA | Now | Click here |
| 120,000 bbl | Various Products | South Carolina, USA | Now | Click here |
| 30,000 bbl | Diesel / Gasoil | North Carolina USA | Now | Click here |
| 85,000 bbl | Light Ends FP<60 | North Carolina USA | Now | Click here |
| 500,000 | Crude | Oklahoma | Now | Click here |
| 570,000 bbl | Various Products | Georgia USA | Now | Click here |
| 289,000 bbl | Vegoils / Chemicals | Georgia USA | Now | Click here |
| 20,000 bbl | Vegoils / Chemicals | Florida USA | Now | Click here |
| 178,000 bbl | Chemicals | Louisiana USA | Now | Click here |
| 600,000 | Various Products | Louisiana USA | Q3, 2018 | Click here |
| 380,000 bbl | Various Products | Texas, USA | Now | Click here |
| 238,000 bbl | Dirty Petroleum Products | Texas, USA | Q1, 2018 | Click here |
| 660,000 bbl | Chemicals | Texas, USA | Now | Click here |
| Central & South America | ||||
| 350,000 bbl | Crude | Bahamas | Now | Click here |
| 190,000 bbl | Various Products | Puerto Rico | Now | Click here |
| 553,000 bbl | Light Ends FP<60 | Colombia (Caribbean) | Now | Click here |
| 7,500 bbl | Vegoils<60 | Colombia (Caribbean) | Now | Click here |
| 250,000 bbl | Dirty Petroleum Products | Panama (Atlantic) | Now | Click here |
| 9,000 | Dirty Petroleum Products | Argentina | Now | Click here |
