Friday, April 14, 2017

Five Largest Crude Oil Storage Fields In The US -- Random Look -- April 14, 2017


April 23, 2017: when you look at the graphs below -- production vs stored crude oil, remember this from an earlier post:
The world is drowning in oil: Reuters data shows that the volume of crude oil plying the world’s oceans hit a record high 47.8 million barrels per day in April, a 5.8 percent jump compared to December levels. That is a worrying sign given that December was the month before OPEC began reducing, so if global crude oil shipments are above even those elevated levels, then supply is probably higher right now than many believe.
Original Post 

From New Orleans Times-Picayune, the five largest crude oil fields in the US, from an article posted back in March, 2015 (does not include the SPR):
  • Cushing, OK: 82 million bbls
  • Louisiana Offshore Oil Port: 67 million bbls
  • Houston, TX: 36 million bbls
  • Beaumont-Nederland, TX: 30 million bbls
  • St James, Louisiana: 30 million bbls
However, Houston Public Media says the amount of crude oil stored in and around Houston is about 66 million bbls; and, could expand to 100 million bbls in a few years.

It would be nice if RBN Energy would provide an update. I assume EIA has the data somewhere.

To the above add another 10 million bbls of storage in Houston. From Houston Biz Journals, another 10 million bbls will be added by the end of this year or thereabouts. Data points:
  • Fairway Energy Partners LLC
  • first phase of its Pierce Junction crude oil storage facility has opened
  • it is the only independent salt dome crude oil storage terminal int he Houston area
  • project first announced in 2015 (amazing how fast when there is a favorable regulatory environment)
  • three underground salt caverns; currently holds about 1 million bbls of crude oil
  • so far about 7.5 million bbls of storage facility is available
  • direct connection to the Permian and the Eagle Ford plays
If the 66 million bbls for Houston was accurate, adding another 10 million puts Houston near 80 million and one can assume other storage facilities have been added that are not mentioned above.

The exact numbers aren't important. I just needed some ball-park figures to put the new data in perspective.

On another note, look at the surge in US crude oil storage in the last couple of years (previously posted). One can only wonder what this all means and where this is all headed:

The other interesting data point, of course, is "the EIA's weekly US days of crude oil supply data" (link here). At 34 days, the US is clearly setting new records.

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