Crude oil inventories in the ARA region hit a record high of 65.63 million barrels the week ending June 17.
Total ARA crude inventories increased more than three million barrels for the past two weeks, riding by 6.595 million barrels since June 3. According to Genscape, which has monitored crude inventories since 2013, the increase coincides with the global crude glut.
Capacity utilisation on June 17 surpassed the previous high set on March 18 when total operational storage capacity was 88.161 million barrels.
Stocks at TEAM Terminal increase 1.1771 million barrels to hit a record high of 13.079 million barrels and accounted for 50% of the total ARA stock increase. The facility has a total storage capacity of 17.328 million barrels and 81.3% of that capacity was utilised on June 17.
According to data the terminal may be nearing max operational capacity as 19 of the 29 operational tanks there were more than 80% full.
An analysis of all current tank utilisation in the ARA shows that crude storage available for hire may be scarce.