2B barrels worldwide storage left according to Orbital Insights

[JohnW 0]

This article mentioned that Orbital Insights reported that there is 2 billion barrels of available crude storage in the world. Does this make sense in light of all the headlines saying that we're running out of storage?

"But Orbital Insight, a satellite data firm in Palo Alto, Calif., says as of April 17, its real-time tracking technology showed that oil tanks could still accommodate more than 2 billion barrels worldwide.

Orbital says it tracks almost all of the world's 27,000 floating roof tanks and automatically estimates total crude volumes on a daily basis using high-revisit optical satellite imagery and focused Synthetic Aperture Radar signals beamed up from key terminals."

https://www.investing.com/news/commodities-news/oil-prices-a-tale-of-two-us-crude-contracts-both-bad-2145236

[BLA + 1,666]

7 hours ago, JohnW said:

This article mentioned that Orbital Insights reported that there is 2 billion barrels of available crude storage in the world. Does this make sense in light of all the headlines saying that we're running out of storage?

"But Orbital Insight, a satellite data firm in Palo Alto, Calif., says as of April 17, its real-time tracking technology showed that oil tanks could still accommodate more than 2 billion barrels worldwide.

Orbital says it tracks almost all of the world's 27,000 floating roof tanks and automatically estimates total crude volumes on a daily basis using high-revisit optical satellite imagery and focused Synthetic Aperture Radar signals beamed up from key terminals."

https://www.investing.com/news/commodities-news/oil-prices-a-tale-of-two-us-crude-contracts-both-bad-2145236

2 Billion bbl available capacity sounds high.

Remember this about crude oil storage capacity .  .  .    It's not always available at the location you need it.  From s practical standpoint it is a lot less than 2 billion bbls.

The question for orbital, where is the open storage capacity ?

Also, there is no spare capacity at Cushing.  It's either full or spoken for.  

 

Edited April 21, 2020 by BLA

[0R0 + 6,251]

6 hours ago, JohnW said:

This article mentioned that Orbital Insights reported that there is 2 billion barrels of available crude storage in the world. Does this make sense in light of all the headlines saying that we're running out of storage?

"But Orbital Insight, a satellite data firm in Palo Alto, Calif., says as of April 17, its real-time tracking technology showed that oil tanks could still accommodate more than 2 billion barrels worldwide.

Orbital says it tracks almost all of the world's 27,000 floating roof tanks and automatically estimates total crude volumes on a daily basis using high-revisit optical satellite imagery and focused Synthetic Aperture Radar signals beamed up from key terminals."

https://www.investing.com/news/commodities-news/oil-prices-a-tale-of-two-us-crude-contracts-both-bad-2145236

Those values are for total storage. Not available storage. Available storage left is rather narrow. 

[BLA + 1,666]

6 hours ago, BLA said:

2 Billion bbl available capacity sounds high.

Remember this about crude oil storage capacity .  .  .    It's not always available at the location you need it.  From s practical standpoint it is a lot less than 2 billion bbls.

The question for orbital, where is the open storage capacity ? Who owns or has contracted for the storage.  

There may be 2 billion bbl capacity if you too off all the storage tanks, but how much is available and yo whom.

Also, there is no spare capacity at Cushing.  It's either full or spoken for.  

 

 

Edited April 21, 2020 by BLA