Wednesday, October 28, 2015

New York petroleum storage could reach capacity

USA, New York City, Oil storage tanks in refinery with Manhattan skyline in background : Stock Photo

Petroleum storage inventories at New York Harbour could reach capacity constraints by November.

According to Genscape data, inventories reached a record high above 19 million barrels after stocks swelled more than three million barrels the week ending October 2.

These increases are expected to continue due to falling RBOB petroleum prices and declining demand during the autumn, following the end of peak driving season.

Genscape estimates that as of October 16, there was more than eight million barrels of vacant petroleum storage capacity to accommodate increased inventories at the harbour.

Assuming that maximum operating capacity for petroleum storage is similar to that of other terminals monitored by Genscape, capacity constraints could surface within a month.

Genscape has recorded storage terminals operating at capacity utilisation rates that are above 80%.

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