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Traders are rushing to fill up storage tanks along the U.S. East Coast with distillate fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, a sign of...
US oil production has surged to an all-time record of more than 13 million barrels produced per day. But where's all that crude actually going? And how is it…
(Bloomberg) -- Oil storage locations across the Americas are emptying as the remarkable rally in crude prices undermines the need to buy and stockpile barrels.Tank owners were one of the few benefactors from last year’s collapse that spurred traders to buy crude cheap, store it, and then sell into a rally. Now that the market and shifted into backwardation, where oil for prompt delivery is priced higher than later-dated contracts, it’s making storage unprofitable. Gulf Coast terminal operators are offering to lease tanks at less than half the rate at the height of the storage boo...