Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on September 19, 2021

Bookmark and Share

Oil Glut That Covid Built All But Gone

Consumption

Global crude inventories that ballooned during the pandemic have shrunk to the lowest level in 20 months as an economic rebound in top consumers China and the U.S. drive a robust recovery in fuel demand.

About 2.97 billion barrels of crude oil were stored onshore globally as of Sept. 5, the least since January 2020 before Covid-19 eviscerated demand, according to data analytics firm Kayrros. U.S. stockpiles are at a two-year low, those in China are the smallest since September 2020, while inventories at the African hub of Saldanha Bay are at the lowest since April last year.

Oil consumption in the world’s top guzzlers has surpassed pre-pandemic levels and underpinned a red-hot rally in crude prices, although it’s faltered over the last couple of months due to the delta variant of the virus. China’s depleted inventories also have some in the market predicting that the biggest crude importer will start replenishing its giant reserves again soon.

“There was really a surge in crude oil demand, especially in the first half of this year,” said Victor Shum, vice president of energy consulting at IHS Markit. However, he predicted that the draw-down of inventories will slow as OPEC+ pumps more, and that demand surges are “probably turning a corner.”

Global inventories swelled in July last year to the highest level since Kayrros started compiling its data in May 2016. Since then, there’s been a steady drop across most regions. Onshore storage in Europe and the Middle East are about 28-to-35 million barrels lower than a year earlier, according to Kayrros.

U.S. stockpiles may decline even further if production halted by Hurricane Ida resumes slower than the return of refining capacity, said Sri Paravaikkarasu, head of Asia oil at FGE. The Category 4 storm swept through the Gulf of Mexico and crashed into the coast two weeks ago.

Higher crude prices have also encouraged refiners to tap more stored oil, while a bullish backwardation structure has made it uneconomical for traders to hoard crude. China recently took the unprecedented step of offering crude reserves to domestic processors to try and cool prices.

The Asian giant’s crude stockpiles were at about 966 million barrels on Sept. 5, the lowest since September 2020, although still around 100 million barrels above pre-pandemic levels, according to Kayrros. Another satellite tracker, Ursa Space Systems, which uses a slightly different methodology, estimates inventories are near the smallest since June 2020.

Chinese inventories were mostly depleted by domestic and international traders who had supplied local independent refiners, according to Sengyick Tee, an analyst at Beijing-based SIA Energy. The private refiners, known as teapots, account for about a quarter of China’s oil-processing capacity.

“China will have to buy crude soon,” analysts Amrita Sen and Yuntao Liu at Energy Aspects Ltd. wrote in a Sept. 9 note. “This is playing out now.”

RIGZONE



13 Comments on "Oil Glut That Covid Built All But Gone"

  1. Theedrich on Sun, 19th Sep 2021 10:52 am 

    The Democrat plan: enslave America. Start by destabilizing it through the importation of millions of anthropoid semi-apes from trashbin countries.  Then give them all “amnesty” and freebies of every kind.  Suppress the resistance of native-born Americans with threats and imprisonment.  Have the millions of imported illiterate, low-IQ, parasitic “new Americans” (the criminal trash) vote Democrat to establish a permanent one-party state.  (The 2010 census estimated 308,745,538 Americans, the 2020 census 331,449,281 — 22.7 million more demanding resources from Whitey.  The system is being overwhelmed.)  Voilà!  The perfect Communist system, designed to extinguish Whites and their civilization forever.

    One notices the heavy preponderance of Chosenites in this Democrat system.  Their subspecies has hated Western civilization since before the Romans destroyed their first (of 3) uprising in 67-70.  The bizarre policy of the medieval Catholic Church in breeding European Jews to be high-IQ money lenders and preventing others from engaging in such “usury” is now bearing its dark fruit.  The “conservative” members of the tribe make only milquetoasty, nicey-nice, polite objections to the savage war of their arsonist kinsmen on White society, while our cities are burning all around us.

    U.S. “leadership” is demented.  On 2001 September 11 (“9-11”), around 3,000 Americans were murdered by Saudi-led suicide killers.  So George W. Bush (the “W” stands for “weak-brained”) decided to go to wars (plural) in revenge.  One result:  Afghanistan was turned into the world’s premier heroin supplier.  Along with fentanyl from China and elsewhere, trans-shipping, Mexico-based international narco-syndicates led to almost a hundred thousand American drug deaths over the past year.  Thanks, Bushy.  Undoubtedly you and your fellow reptiles are now enjoying the money slipped to you by those gangs in the Mexican narco-state.

    The American bribe-ocracy is fatally poisoned.  Along with its corrupt FBI, CIA, NSA, military-industrial complex with its treasonous generals, and other snake pits.  One can only wonder how long it will be before the Democrats start shipping ordinary Whites in cattle cars to the gas chambers.

    Klaus Schwab, Georg Sörös and their compatriots will love it.

  2. FamousDrScanlon on Sun, 19th Sep 2021 5:13 pm 

    Theedrich, let me see if I’m getting your long running narrative right.

    The left half of team USA are complete fucking idiots & evil & they totally ruined a once great nation.

    Ok, but there is a flip side to that narrative.

    How come you & the rest of team good guys (not left) did not stop them?

    Unable, unwilling or both?

    If you’re unable to stop idiots, you’re an even bigger idiot. Theedrich beaten by dumb libtards 365 days a year for decades (his entire life).

    If you’re unwilling to stop “anthropoid semi-apes from trashbin countries & giving them all “amnesty” and freebies and on & on & on with paragraph after paragraph after paragraph of evil, corrupt, anti-American doings, then you an even worse immoral & corrupt criminal than all the libtards put together, including dead libtards…..you fucking murderous cunt.

    So which one is it Theedrich? My money’s on stupid & incompetent. Oh & like the jew haters your envy is all to obvious.

    Theedrich is jealous of libtards
    Theedrich is jealous of libtards
    Theedrich is jealous of libtards
    Theedrich is jealous of libtards
    Theedrich is jealous of libtards

  3. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 5:49 pm 

    I am not amused if this is real. I have not received an explanation how I can get orgasm,/erection without ejaculation.How can someone can take co0ntrol of me like that. The only explanation that make sense is that I am a brain connected to computer like the begging of the matrix movie. I don’t need you you to deal with my prostate problem. You have to provide me an explanation. Until then you stop doing it. I was even had telepathic ability at one point and people were talking to my brain. I could hear all kind of voice.

    Someone commented on a similar video that what you did to us is so evil (worst then what Satan could do to us) that some us human might up in a emotional state that will kill us or drive us into suicide) You are here for the electrical grid the supply chain we created using manual labor. You are taking advantage the pain, misery that went into the creation of this world.

    https://www.youtube.com/watch?v=n24Na1rap3Q

  4. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 6:19 pm 

    This is so fucking evil that you are not fit to live among us human. You need to go back to where you come from and die there.

    If you can take control of my body like you did, I am pretty sure you can kill me anytime you want.

  5. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 6:33 pm 

    Yes what you did in the past is an indication of what you will be in the future. Yes I can judge you based on your past actions and behavior. You cannot erase you past actions by demanding forgiveness or reconciliation.

    You are not humans and have no souls. You don’t belong with us on this earth. You have to go back and die there.

    I might have seen them twice an holographic projection of the controllers of this earth/holographic reality. They are really ugly outside. I am an ugly human with a triple chin. but them are even really uglier. I am ugly imagine how ugly they’re.

  6. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 6:50 pm 

    I did not told you the color of the skin of the two holographic image I saw of the controller of this earth. The are the same color as my shit in the toilet bowl. A really ugly brown color that want to make you puke right there.
    Brown shit heavy is the color of their skin.

    You are too evil, you need to be completely exterminated or you go back from where you can from. We human still control the electrical grid and it is really easily to shut it down for every once the supply chain is totally collapse.

    I have a fucking nightmare life because of you.

  7. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 6:57 pm 

    I don’t think the regular human understand how technically advance they are over us. All this tech: computer, electrical knowledge is coming from them. They have advance knowledge about life and they can easily manipulate our brains.

    You don’t belong with us. You are too dangerous.

  8. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 7:19 pm 

    I still don’t know how you can be so technically advance, but you choose to manage a trade/manufacturing system running on energy(Joule) with money. The only reason you are pushing money as a way to manage they earth is because it gives you more control over us human.

    I still don’t understand how you could not see how this would fail on the long run.

  9. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 7:29 pm 

    I still don’t understand why you pushed for globalism so hard. You must have know that globalist means accelerated oil depletion because of container maritime shipping. I don’t understand why you transferred all the manufacturing to China. You must have know that this will eventually leads to a total failure and the end of globalism.I think it would have been wiser to share the manufacturing among various nations as a backup plan in case something goes wrong.

    On one hand you are technically advanced but you seem to lack basic logical analytic skills.

  10. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 7:31 pm 

    You are total idiot, I don’t care how technically advanced you are over us.

  11. IWantYouDeadICannotAcceptThatKindOfEvil on Wed, 22nd Sep 2021 7:39 pm 

    I really hate my fucking life. You pieces of shit drag me into this without my consent. I resent you for ruining the few good years of life I have left before aging ruin my abilities to do physical activities.

    Here we go again, I am here commenting on this shit blog because well you ruin my life with your shit brain.

    https://www.youtube.com/watch?v=UneS2Uwc6xw

  12. FuckingPieceOfShit on Wed, 22nd Sep 2021 8:04 pm 

    I forgot to say. At one point I had telepathic abilities, sometime , the voice inside my head will say shit like: Son don’t upset. You should see the number of time it heard voices in my head that was starting with the word son. What son, the son of GOD.

    Very evil people with no concept of morality. Lying is something natural for them.

  13. FuckingPieceOfShit on Wed, 22nd Sep 2021 8:19 pm 

    Intelligent people will know why I put that there. This is the face of evil.

    https://www.youtube.com/watch?v=wC3E2qTCIY8

    This is the proof that the tech we have is coming from them and how technically advanced they are. They are dangerous and our goal should be to seek they total extermination.
    Take my word for it.

Leave a Reply

Your email address will not be published. Required fields are marked *