Pandemic Leaves Market Struggling

Pandemic Leaves Market Struggling

 

OIL STORAGE REMAINS A CONCERN: 

South Korea has roughly 38 million barrels of onshore commercial capacity owned by state-run Korea National Oil Corp. and Oilhub Korea Yeosu Co. It is all rented out according to a Bloomberg article. 

China adds storage, according to Reuters. China’s Shanghai International Energy Exchange approved an additional 800.000 cubic meters of storage for Sinopec Group’s Commercial Petroleum Reserve Co as delivery tanks for crude oil futures. China’s ICBC to suspend all open positions on futures products linked to crude oil, natural gas, copper and soybeans as of April 28.

Lack of storage will keep crude prices under pressure and limit heating oil values as well. On a more positive note, gasoline supply increased more than 10 percent in the latest EIA Weekly Petroleum Report.  This was the second consecutive week of increased gasoline supply. Hopefully, signaling a bottom. 

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