Please use a modern browser. This website is not designed for versions of Internet Explorer below IE10
masthead
masthead
awards
masthead
masthead
menu

Issue Contents


Volume 15, Issue 1
Published: March 4, 2019
The calm before the storm?

Although it is getting harder to predict oil, gas and petrochemical production and usage trends, there are certainly several key developments in the long term that will affect the storage sector. In addition, the outlook for storage in the short term is starting to look brighter. Vaughan O’Grady reports

Is the oil price quite as big story as some think? There’s certainly volatility but, as Carl Larry, a market development commodities analyst with Refinitiv (formerly the Financial & Risk business of Thomson Reuters) suggests: ‘We are coming closer to understanding fair value – that’s something we haven’t seen for the last 20 years.
‘We’re now in that range of $45-$65 and that’s where oil is going to be. The trick now for all these oil producers is trying to understand how to make money in this small range.’
Storage price and profit concerns are slightly different. Christopher Haines, global crude oil analyst with Energy Aspects, says: ‘I think the most interesting development over 2019 will be in product storage and the actual space available, particularly for gasoline.
‘Oil prices have been fluctuating, but for refiners (most of European storage) it is margins between oil and products that drive buying decisions.’ He continues: ‘European refiners have been leveraging the growth in light-sweet crude (particularly from the US); however, given higher naphtha yields in US crude, the European market is seeing more
gasoline production.’

To read this article in full, subscribe now >
Investing in the global energy supply chain
Boasting storage and midstream investments in key energy markets, Prostar Capital reveals more about its plan to grow its storage infrastructure portfolio and its future business investment strategy In just six years, investment manager Prostar Capital has made a name for itself in the global energy and storage market with investments in the Middle East, Asia and the US...
To read this article in full, subscribe now >
Oil price volatility haunts energy industry
Nnamdi Anyadike examines how the oil price volatility in 2018 had an impact on the oil & gas mergers and acquisitions market and what could be in store for 2019 Merger and acquisition activity in 2018 was a clear beneficiary of continued oil price volatility as oil and gas companiesstruggled to survive through one of the most tumultuous times on record...
To read this article in full, subscribe now >
The shape of things to come: crude oil futures, the curve and contango
Gerrit Venter, senior research manager at Wood Mackenzie, plots how the shape of the forward curve for crude oil has changed over the last 15 years, notable moments in oil price history with the 2008 economic crash and the future role the oil futures market has in mitigating price risk Launched in the 1980s during the rise of commercial North Sea crude oil production, the Brent crude oil futures contract is the global benchmark for pricing crude oil...
To read this article in full, subscribe now >
Port of Rotterdam: The investment machine for North Europe
Europe’s largest liquid bulk port invested more than €300 million in infrastructure improvements in 2018 to enhance its attractiveness for global trade & business...
To read this article in full, subscribe now >
Global intel for a global economy
In an increasingly volatile global economy, the ability to understand what’s happening on the ground in the world’s largest oil producers is not only incredibly difficult, but also necessary for making confident business decisions...
To read this article in full, subscribe now >
Brexit: The challenges facing the UK storage sector
As the deadline for the UK’s withdrawal from the EU approaches, Tank Storage Association executive director Peter Davidson outlines several key areas of the UKs business relationship with the EU that need to be immediately addressed to ensure a frictionless trade border going forward At the time of writing EU leaders had approved the agreement on the UK’s withdrawal and future relations with it, however UK Parliament did not share that same view...
To read this article in full, subscribe now >
Evolving France's petroleum product supply chain
Created to satisfy France’s strategic oil reserves obligation, Géosel offers storage solutions for a diverse range of customers and is now looking to enhance its range of services, pipeline connections and increase the products it stores With more than nine million m3 of storage capacity for petroleum products, Géosel is one of the largest operational and strategic petroleum product storage sites in Europe...
To read this article in full, subscribe now >
The calm before the storm?
Although it is getting harder to predict oil, gas and petrochemical production and usage trends, there are certainly several key developments in the long term that will affect the storage sector...
To read this article in full, subscribe now >
The evolution of managing major hazard risks
Following several high-profile incidents in the industry, major hazard risk management has been a key focus for the industry, however work is still needed to turn good practice into common practice...
To read this article in full, subscribe now >
New global guidelines for marine oil & petrochemical terminal design and assessment
There are over 5,000 marine oil and petrochemical terminals operating globally, with more being constructed every year...
To read this article in full, subscribe now >
Neutralising tank odours
Acrylex 55, a strong alkaline product developed by WVT Industries in Belgium, has been specifically developed for cleaning and neutralising various acrylates from storage tanks, scrubbers, trucks and containers...
To read this article in full, subscribe now >
The essential tool for every storage professional
Phil Myers, of PEMY Consulting, explains why the API standard 2610 is a must read for every owner, operator, engineer, contractor, inspector and supervisor in the tank storage industry Here’s a pop quiz; what is the American Petroleum Institute (API) standard 2610 all about? Probably few know the answer to this question or why API 2610 is a critical document for those in the oil storage industry...
To read this article in full, subscribe now >
Radar provides precise level measurement in LNG tank gauging systems
Håkan Jubel explains how the latest non-contacting radar level gauges meet the various challenges associated with accurately and reliably determining the level of LNG in full containment tanks Full containment tanks for storing LNG are large and complex structures with a typical capacity of up to 200,000 m3...
To read this article in full, subscribe now >
Industrial cybersecurity services: What it means for energy industries?
Advancements in the energy industry over the past few years have mostly been digital...
To read this article in full, subscribe now >
Automated tank cleaning systems remove dangers to humans
No man entry systems eliminate dangers of man entry to tanks, are very efficient and save money Whenever people enter oil and gas tanks, they run the risk of being exposed to toxic chemicals, physical hazards, radioactivity, infections and allergic reactions...
To read this article in full, subscribe now >
Innovative and versatile tank cleaning solution
A new thermodynamically stable microemulsion significantly reduces cleaning times and costs as well as mitigates health, safety & environmental risks Over the course of the past 30 or so years, there have been significant advancements within chemistry and newly discovered chemical/natural compounds, which when combined produce a far more effective and sustainable solution for the removal of various types of waste streams...
To read this article in full, subscribe now >
Keeping the roof drain open
A new floating roof drain system that only closes valves when petroleum product is detected not only saves personnel hours but also acts as an early warning system for undetected leaks or spills As an experienced storage operator and owner, Mark Rauch faced several challenges during his extensive career, including protecting floating open roof storage tanks from contamination and damage...
To read this article in full, subscribe now >
The same two principles
All vapour recovery systems are based on the same two basic chemical principles – chemical equilibrium and filtration...
To read this article in full, subscribe now >
Decision making prcoess for CNG and LNG storage options
With natural gas emerging as the practical energy solution that satisfies environmental aspects, as well as economic ones, the energy industry has more questions than ever about making the correct choice for natural gas storage options...
To read this article in full, subscribe now >
Pump technology keeps refinery poised for high performance
A US PADD1 refinery was able to pick up rail unloading speed at the same time as lowering its own embedded energy costs with a pump solution from Circor THE CHALLENGE: UNLOADING CRUDE WITH ALL DUE SPEED, LOWER ENERGYA large independent refiner in North America railed advantaged crude oil from Western Canada to its East coast facility for offloading...
To read this article in full, subscribe now >
Attracting the next generation to the storage industry
Bulk liquid storage is essential not only to the economy, but to the health and welfare of the country...
To read this article in full, subscribe now >
Optionality in the storage market
Consumers have the greatest options and access to products than at any other time in history...
To read this article in full, subscribe now >
The difference between slide shoe and fixed shoe domes
Geodesic dome roofs have been around for over 50 years and are today a commodity for aboveground storage tanks...
To read this article in full, subscribe now >
Organising cyber security in tank terminals
The European Union introduced legislation (the NIS directive) that became active on November 9, 2018...
To read this article in full, subscribe now >
Innovative hydraulic jacking system for lifting floating decks during construction
The construction of either an external floating roof (EFR) or internal floating roof (IFR) storage tank involves the fabrication of its floating roof (deck) on the bottom of the tank and then lifting the same to its maintenance elevation...
To read this article in full, subscribe now >
The jouney towards digitising storage assets
The latest advancements in technology have made the digital twin of a tank terminal seem less farfetched...
To read this article in full, subscribe now >
Online tank inspection a reality
Scheduling a storage tank outage to comply with regulations and industry standards can be inconvenient, especiallywhen trying to align inspection schedules with repair schedules and customer expectations...
To read this article in full, subscribe now >