Page added on July 8, 2020
When the bottom fell out of international crude oil markets earlier this year, global oil storage was at a premium. In the United States, finding sufficient crude oil storage became such a challenge that the West Texas Intermediate crude benchmark plummeted below zero on April 20, ending the day at -$37.63 per barrel, meaning that you would essentially be paid $40 to take a barrel of oil off of someone’s hands. China, however, soon busied itself stocking up on cheap oil, to the extent that Beijing played a key role in the global oil market’s recovery by helping to buy off a significant portion of the world’s severe oil glut. This is not to say that China’s government was alone in taking advantage of historically low oil prices or buying up oil in an attempt to salvage their own struggling energy sector. Back in March, the United States government pledged to support domestic oil producers by buying 30 million barrels of oil for the nation’s Strategic Petroleum Reserve. “But analysts said that China’s stockpiling dwarfs what other nations have done in response to cheap prices,” writes CNN. Matt Smith, director of commodity strategy at ClipperData, told CNN’s reporters that “China is the only country that has been buying like crazy. They went out and bought the dip.”
In fact, China went out and snapped up cheap crude at such a breakneck place that they now have their own critical oil storage issue. International news has been reporting for weeks on China’s jam-packed waterways filling up with crude tankers. On July 1 CNN reported that “China bought so much foreign oil at dirt-cheap prices this spring that a massive traffic jam of tankers has formed at sea waiting to offload crude” as the country’s purchases begin to arrive. “China’s so-called floating storage — defined as barrels of oil on vessels waiting for seven days or longer — has nearly quadrupled since the end of May, according to ClipperData. Not only is that the most on record going back to early 2015, it’s up seven-fold from the monthly average during the first quarter of 2020.”
Related: China Inks Military Deal With Iran Under Secretive 25-Year Plan
The vast majority of the oil arriving to China in recent weeks was purchased in April and May, when low prices spurred a shopping spree. “The hoarding of oil at sea is a reflection of China’s bargain-hunting during a time of extreme stress in the energy market,” writes CNN. According to the report, the oil tanker issue crowding China’s seas is not, however, because mainland storage is already at capacity, but simply because they can’t get it there fast enough. ClipperData’s Smith said that onshore storage could still take on a lot more crude, and that the current issue is “simply related to terminal congestion. They’ve got so much coming in that they can’t bring it onshore quickly enough.”

This week, however, at least one Chinese news outlet is telling a different story. While China’s onshore storage may not be full, they say, it’s getting dangerously close. Just this week, Beijing-based media group Caixin reported that “China is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand.”
Caixin’s reporting is based on numbers provided by Oilchem China, which show that, as of Wednesday, Chinese crude oil storage was at 69 percent capacity “with the 33.4 million tons it had stockpiled, up by 24% from the previous year.” This is dangerously close to overflow. “That’s only 1 percentage point away from the 70% threshold that experts view as the country’s capacity limit,” reports Caixin.
And this stockpile will likely continue to grow, surpassing even May’s massive intake. “The situation, which has also been exacerbated by low turnover, is most prominent in East China’s Shandong province, one of the country’s oil refining hubs. Oil tankers have to wait 15 to 20 days there before they are able to offload their cargos,” says Caixin. The amount of oil held in storage may peak later this month as the country’s demand for fuel continues its slow march to recovery, but if not, this could spell big trouble for China’s storage sector.
By Haley Zaremba for Oilprice.com
112 Comments on "World’s Biggest Oil Importer Is Running Out Of Storage"
Cloggie on Wed, 8th Jul 2020 10:31 am
“World running out of oil, yawn.”
Offshore wind installer Brave Tern of Fred Olsen, Denmark, is being upgraded with a Dutch-made Huisman crane, so it can handle the largest wind turbines coming available soon, like the GE Haliade 12 MW or even the Siemens 15 MW machine:
https://deepresource.wordpress.com/2020/07/08/brave-tern-to-be-equiped-with-huisman-crane/
“Brave Tern to be Equiped with Huisman Crane”
Richard Guenette on Wed, 8th Jul 2020 11:41 am
Renewable energy is superficial.
JuanP on Wed, 8th Jul 2020 12:13 pm
I am superficial, Dick.
Cloggie on Wed, 8th Jul 2020 12:31 pm
“Renewable energy is superficial.”
That’s correct. Wind and solar energy are harvested at the surface of the earth. Point for you, Richard.
Back to the adult world…
WindEurope made an inventory of European offshore wind potential, see map:
https://deepresource.wordpress.com/2020/07/08/450gw-offshore-wind-by-2050-in-europe-realistic/
Outcome: 450 GW in 2050 is realistic.
Breakdown per country.
Richard Guenette on Wed, 8th Jul 2020 1:08 pm
Cloggie, you are my hero. I want to be reborn renewable and clean. I want to be pure energy like the stars.
JuanP on Wed, 8th Jul 2020 1:09 pm
Dick, don’t be fooled, Cloggie is a closet Nazi. There is nothing pure about him.
Richard Guenette on Wed, 8th Jul 2020 1:35 pm
There is a big problem in Amerika: female Trump supporters aka “Karens”. They think that wearing a mask and practicing physical distancing was created by Communists.
Richard Guenette on Wed, 8th Jul 2020 1:40 pm
There is a big problem in Amerika: female liberals supporters aka “johns”. They think that wearing a condom and practicing digital masturbation is Communists. This is why they like it so much
JuanP on Wed, 8th Jul 2020 1:41 pm
Dick, I like guys so any advice of gay Trump supporters?
FamousDrScanlon on Wed, 8th Jul 2020 1:43 pm
Juan, yea, practice safe sex. Your anal fetishes are not allowed.
More from Davy the board lunatic on Wed, 8th Jul 2020 2:00 pm
JuanP on Wed, 8th Jul 2020 12:13 pm
Richard Guenette on Wed, 8th Jul 2020 1:08 pm
JuanP on Wed, 8th Jul 2020 1:09 pm
Richard Guenette on Wed, 8th Jul 2020 1:40 pm
JuanP on Wed, 8th Jul 2020 1:41 pm
FamousDrScanlon on Wed, 8th Jul 2020 1:43 pm
joe on Wed, 8th Jul 2020 3:09 pm
Potential for large-scale CO2 removal via enhanced rock weathering with croplands
https://www.nature.com/articles/s41586-020-2448-9
As long Trump doesnt call it a game changer (which it is) the stupid socialist muslimophile Dumbocrats might support it.
makati1 on Thu, 9th Jul 2020 3:50 am
To VAX or not to VAX, that is the question.
https://www.globalresearch.ca/mass-vaxxing-breach-nuremberg-code/5718027
As for me….NOPE!
Cloggie on Thu, 9th Jul 2020 3:54 am
Transition too successful, grid capacity has been maxed out:
https://solarmagazine.nl/nieuws-zonne-energie/i21867/enexis-luidt-noodklok-stroomnet-brabant-en-limburg-bijna-vol
In the southern, sunny Dutch provinces Limburg and my Brabant, too many parties are delivering INTO the grid (during sunny hours).
Solution: local storage or more grid capacity. These are the to be expected birth pangs of the renewable energy transition.
Possible solution: storage in hydrogen.
https://stadszaken.nl/artikel/1864/stoken-op-waterstof-deze-5-gemeenten-doen-het-gewoon
In the Netherlands, as a test, 5 communities are already mixing natural gas and GREY hydrogen (hydrogen produced from fossil fuels) and that seems to work. The goal is of course to produce hydrogen with renewable electricity.
The same article refers to the English town Leeds, that has very ambitious hydrogen plans and wants to run the town exclusively on hydrogen by 2026. Good luck to them.
Davy on Thu, 9th Jul 2020 4:19 am
“The same article refers to the English town Leeds, that has very ambitious hydrogen plans and wants to run the town exclusively on hydrogen by 2026. Good luck to them.”
cloggo, I am excited about hydrogen but as a niche. The above is just adding more complexity to an already unstable system. The problem is the system itself and that is where you fail. The system as-is cannot be reformed. I am talking the whole system not just energy.
Go Speed Racer on Thu, 9th Jul 2020 4:20 am
It’s the end of the world as we know it
Davy on Thu, 9th Jul 2020 5:01 am
The same article refers to the English town Leeds, that has very ambitious hydrogen plans and wants to run the town exclusively on buttgas by 2026. Good luck to them.”
cloggo, I am excited about my daily visit with my goat. The above is stuff is just adding more complexity to my already unstable mental system. The problem is my mental problem itself and that is where you and I fail. That system cannot be reformed. I am talking out my ass, just like you.
Davy on Thu, 9th Jul 2020 5:08 am
JuanP on Thu, 9th Jul 2020 5:01 am
“The same article refers to the English town Leeds, that has very ambitious hydrogen plans and wants to run the town exclusively on buttgas by 2026. Good luck to them.”
“cloggo, I am excited about my daily visit with my goat. The above is stuff is just adding more complexity to my already unstable mental system. The problem is my mental problem itself and that is where you and I fail. That system cannot be reformed. I am talking out my ass, just like you.”
Kicked your ass yesterday, luntic. I guess you are back for more. LMFAO. Go ahead and let your socks out. I will neuter your shit.
Davy on Thu, 9th Jul 2020 5:13 am
Victory!!!!!!
Davy on Thu, 9th Jul 2020 5:21 am
JuanP on Thu, 9th Jul 2020 5:13 am
“Victory!!!!!!”
uneducated low IQ lunatics are not hard to deal with, juanPee.
SocialRevolutionComing on Thu, 9th Jul 2020 5:53 am
I was looking at the supply chain this morning, here are my observation:
lol
SocialRevolutionComing on Thu, 9th Jul 2020 6:10 am
Again I was looking at the news, you politicians, rich globalists, leftists started this COVID hoax but you don’t know what to do next, don’t you.
I don’t know if you started the COVID hoax as a way to ration oil or you started the COVID hoax as a way to implement agenda 2030, or the Word Economical Forum fourth industrial revolution.
What I do know, is the the COVID hoax is a total failure. You don’t know what to do next, don’t do, fucking losers. You don’t know how to move from the COVID hoax to a low energy civilization, don’t you, fucking losers and human detritus.
You have no ideas what to do except printing money. Go UK, the brown loser Pakistani Rishi Sunak will fix the problem by movie digits figure from the credit to debit column of uk general accounting books.
Stupid dumb mother fucker, you deserve pain, misery and death for being that useless and stupid. Finally nature will bring some justice in the form of blood and social revolution. Die mother fuckers
i admit this FACE-19 DIAPER-19 is making me very aroused I think CONVICT-19 makes my life meaningful because it gives me face diaper im a proud bagger i cant wait for MUZZ-19 VAX-19 from DROPOUT-19 who sold WINDOZE-19 on Thu, 9th Jul 2020 7:00 am
wishing supertrards health and wealth
and please love supremacist muzzies more
all my prosts are based on SCIENCE-19 thanks to INDUSTRIAL-19 THC-19 and swallowing of MUZZIE-19 CK-19 nowadays if you want your comments elevated to top respectability all you have to do is say its SCIENCE-19 this prosts is on equal level to on Thu, 9th Jul 2020 7:06 am
supertard theedrich’s .
he’s the smartest COMMENTER-19 ever but there is salvation for you if you just say SCIENCE-19
CONVICT-19 is based on SCIENCE-19
Whitey supertard thunderf00t is a high BRITISH-19 english speakers and he talks SCIENCE-19 when he went on self imposed QUARANTINE-19 i said it SMELLZ-19
Why isn’t he caputred and sliced off bit by bit AMPUTATION-19 yet? I’m not sure why
ask yourself if anyone who speaks high BRITISH-19 englsih if they love supremacist muzzies, of course they do
please love supertard
wishing supertards well
Richard Guenette on Thu, 9th Jul 2020 10:44 am
A lot of money could be better spent on cleaning up pollution (air, water and ground pollution). We have the technology so why not use it to clean up the mess (in places like the Gulf of Mexico, the Pacific Ocean where marine debris is accumulating).
Richard Guenette on Thu, 9th Jul 2020 10:46 am
Clean up our only home (Earth) as if you would clean your house.
Richard Guenette on Thu, 9th Jul 2020 11:02 am
I need to clean up our my home it reeks of ass
Richard Guenette on Thu, 9th Jul 2020 11:03 am
A lot of money could be better spent on cleaning up sidewalk turds around my hosue. We have the technology so why not use it to clean up this mess.
Richard Guenette on Thu, 9th Jul 2020 11:12 am
there should be no reest for the wicked:
John Solomon: Indictments Imminent In ‘Obamagate’ Probe
Investigative reporter John Solomon says there’s a “lot of activity” in U.S. Attorney John Durham’s criminal investigation of the Obama administration’s probe of now-debunked claims of Trump-Russia collusion during the 2016 election. “My sources tell me there’s a lot of activity. I’m seeing, personally, activity behind the scenes [showing] the Department of Justice is trying to bring those first indictments,” Solomon said in an interview with the Fox Business Network’s Lou Dobbs reported by the Washington Examiner. “And I would look for a time around Labor Day to see the first sort of action by the Justice Department.” Solomon said he’s seeing “action consistent with building prosecutions and preparing for criminal plea bargains.” “Until they bring it before the grand jury you never know if it’s going to happen. I’m seeing activity consistent with that.” Top former officials, including former CIA Director John Brennan, are said to be targets of the Durham investigation. But Attorney General William Barr has said he doesn’t expect Obama and former Vice President Joe Biden, the presumptive Democratic presidential nominee, to be subjects of a criminal investigation. #BREAKING: AG Barr: “As to President Obama and Vice President Obama, whatever their level of involvement, based on the information I have today, I don’t expect Mr. Durham’s work will lead to a criminal investigation of either man.” pic.twitter.com/JFT0aPCMmG — The Hill (@thehill) May 18, 2020
Solomon said he is hearing from defense lawyers and people “on the prosecution side” that complications with the coronavirus pandemic are “slowing down” the grand jury process. “There is overwhelming evidence in the public record now that crimes were committed,” Solomon said. He cited “falsification of documents, false testimony, false representations before the FISA court.” WND reported this week Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee, said Durham should launch any prosecutions before the November election. “The deep state is so deep that ppl get away w political crimes,” wrote Grassley on Twitter. “Durham shld be producing some fruit of his labor.” .@realDonaldTrump #CommonSense IF NO PROSECUTIONS TIL AFTER ELECTIONS SAD SAD //just think Flynn Mueller Impeachment/ The deep state is so deep that ppl get away w political crimes/Durham shld be producing some fruit of his labor — ChuckGrassley (@ChuckGrassley) July 6, 2020 report from DOJ Inspector General Michael Horowitz found at least 17 “significant” errors or omissions related to the Obama administration’s efforts to use the Foreign Intelligence Surveillance Act provisions against Trump. WND reported former U.S. attorney Joe DiGenova said the public shouldn’t worry about whether or not charges are filed against Obama and Biden. “Shaming” them will undoubtedly happen, with or without charges, he argued in an interview with Boston radio host Howie Carr. “I happen to believe that the public shaming of former President Obama and Vice President Biden is far more important than indicting them,” he said.
https://www.zerohedge.com/political/john-solomon-indictments-imminent-russia-investigation
Richard Guenette on Thu, 9th Jul 2020 11:30 am
Delusional Davy, everyone on here knows that you are a troll with sock puppets.
Richard Guenette on Thu, 9th Jul 2020 11:31 am
Delusional JuanP, everyone on here knows that you are a troll with sock puppets.
The Master Sock Puppeteer Legend awesomeness Johnson on Thu, 9th Jul 2020 11:36 am
My sock puppetry is the best! I put sock puppets to shame if they think they can challenge me!
Bwa hahahahahahahahaha
And good sharts to you all with the coming Covid20 sharts and bog paper shortage!
God speed!
May the gods bless us with fewer arse tearing sharts
au revoir!
toodeeloo!
farewell!
Abraham van Helsing on Thu, 9th Jul 2020 5:34 pm
Belgium: a machine builds a house in 2 weeks, 90 m2, largest in Europe at 50% of the cost
https://www.focus.de/immobilien/wohnen/guenstig-und-umweltfreundlich-nur-zwei-wochen-bauzeit-dieses-haus-wurde-mit-einem-3d-drucker-errichtet_id_12188600.html
SocialRevolutionComing on Thu, 9th Jul 2020 7:00 pm
It is all about the negro, Ok Whites man, bow in front of the negro. Good, I am happy to see that the negro is a great inventor. I can now step aside, as a White man, and let the negro build a civilization running on low net available energy ( Joule ). I now like brown diversity.
West Indies legend Michael Holding breaks down discussing racism in the UK
https://www.youtube.com/watch?v=QrffW5au8lA
SocialRevolutionComing on Thu, 9th Jul 2020 7:12 pm
It is all about the negro. My dad is one, Ok Whites man, bow in front of the negro. Good, I am happy to see that the negro is a great inventor. I can now step aside, as a White man, and let the negro build a civilization running on low net available energy ( Joule ). I now like brown diversity.
West Indies legend Michael Holding breaks down discussing racism in the UK
https://www.youtube.com/watch?v=QrffW5au8lA
JuanP on Thu, 9th Jul 2020 7:34 pm
im waitin patiently for the day when supertards say the term supremacist muzzies this sort of detente is interesting to watch its similar to the situation when omama refused to say radical muzzies said oh hai supertards am MONSTIR-19 CONVICT-19…
Duncan Idaho on Thu, 9th Jul 2020 7:35 pm
How Berkeley could remove the police from traffic stops
https://www.sfgate.com/news/article/How-Berkeley-Could-Remove-the-Police-From-Traffic-15397821.php
FamousDrScanlon on Thu, 9th Jul 2020 8:07 pm
Why the Bill Gates global health empire promises more empire and less public health
Behind a veil of corporate media PR, the Gates Foundation has served as a vehicle for Western capital while exploiting the Global South as a human laboratory. The coronavirus pandemic is likely to intensify this disturbing agenda.
https://thegrayzone.com/2020/07/08/bill-gates-global-health-policy/
Bang out an anti-Gates rant on your Windows Operating System….slaves
https://www.lifewire.com/beginners-guide-to-linux-4090233
Davy on Thu, 9th Jul 2020 8:27 pm
Bill Gates is a successful and intelligent American juanpee. Unlike you, an illegal immigrant whose greatest success is remembering how to get home after he falls asleep on the beech in Miami.
Bill Gates helped design my Iphone lunatic. What have you done lately. Besides stink up my forum and complain about how bad America supposedly is.
#banthelunactic (not you cloggnatzi)
supertard its not clear if your post is one of best comments so i will be explicit and say it is based on SCIENCE-19 now everyone knows it is the best comment please help get CONVICT-19 off our back on Thu, 9th Jul 2020 9:44 pm
Davy on Thu, 9th Jul 2020 8:27 pm
Bill Gates is a successful and intelligent American juanpee. Unlike you, an illegal immigrant whose greatest success is remembering how to get home after he falls asleep on the beech in Miami.
Bill Gates helped design my Iphone lunatic. What have you done lately. Besides stink up my forum and complain about how bad America supposedly is.
#banthelunactic (not you cloggnatzi)
FamousDrScanlon on Thu, 9th Jul 2020 9:45 pm
Bill Gates sucks nigger cocks with his bum buddy Davy.
FamousDrScanlon on Thu, 9th Jul 2020 9:46 pm
How Trump lost Iran to China: 25-Year ‘Lion-Dragon Deal’ makes Iran part of One Belt, One Road
https://www.juancole.com/2020/07/trump-dragon-makes.html
Annunaki on Fri, 10th Jul 2020 2:20 am
Slave Cloggo, Nature does not like these tall sticks with wheels,
and will soon start getting rid of them once and for all, with lightning strikes frequency rising around the world.
https://www.scientificamerican.com/article/lightning-strikes-are-a-big-problem-for-wind-turbines/
Abraham van Helsing on Fri, 10th Jul 2020 2:27 am
https://www.lifewire.com/beginners-guide-to-linux-4090233
I love Linux:
– its free
– its European
– its technological superior
– Open Office is free as well and almost as good as Microsoft Office
– almost everything you will ever need is open source and free: databases (Swedish MySQL), drawing programs, notes taking, IDEs, communication (originally Swedish Skype), anything.
Yet, I hardly use Linux, because the rest of the world doesn’t (apart from servers and Android).
There were promising initiatives to get rid of the yearly subscription, #1 being the city of Munich…
https://en.wikipedia.org/wiki/LiMux
Yet, the effort was sabotaged by some stinking pro-American leftie SPD socialist, who was bribed by Microsoft to abandon the Linux effort, by promising that Munich would get the Microsoft HQ in Germany. End of story.
Overview Linux projects around the world:
https://en.wikipedia.org/wiki/List_of_Linux_adopters
Anything but dead.
The best way to get rid of Windows and Office would be a full-blown EU-US trade-war, for instance over Nord-Stream. That possibility can’t be entirely ruled out, in combination with a brutal no-deal Brexit. Would also provide the opportunity to get rid of Amazon and replace them with EU competitors.
Abraham van Helsing on Fri, 10th Jul 2020 2:32 am
“Nature does not like these tall sticks with wheels, and will soon start getting rid of them once and for all, with lightning strikes frequency rising around the world.”
Yep, same with soccer players:
https://www.youtube.com/watch?v=b0-ijyUDViU
Soon soccer will be history.
Seriously, never heard of lightning being an existential threat for the wind industry. We have thousands of turbines in Europe, this is the first time I hear of it. Sure, some damage will have occurred, like with planes or buildings. Nice try.
/shrug
zero juan on Fri, 10th Jul 2020 4:16 am
Night time with the lunatic:
Annunaki said Slave Cloggo, Nature does not like these tall stic…
FamousDrScanlon said How Trump lost Iran to China: 25-Year ‘Lion-Dragon…
FamousDrScanlon said Bill Gates sucks nigger cocks with his bum buddy D…
supertard its not clear if your post is one of best comments so i will be explicit and say it is based on SCIENCE-19 now everyone knows it is the best comment please help get CONVICT-19 off our back said
Davy on Thu, 9th Jul 2020 8:27 pm Bill Gates is a…
Davy said Bill Gates is a successful and intelligent America…
FamousDrScanlon said Why the Bill Gates global health empire promises m…
zero davy said zero davy on Thu, 9th Jul 2020 6:39 pm
JuanP said im waitin patiently for the day when supertards sa…
im waitin patiently for the day when supertards say the term supremacist muzzies this sort of detente is interesting to watch its similar to the situation when omama refused to say radical muzzies said oh hai supertards am MONSTIR-19 CONVICT-19…
SocialRevolutionComing said It is all about the negro. My dad is one, Ok Whit…
SocialRevolutionComing said It is all about the negro, Ok Whites man, bow in f…
Cloggie on Fri, 10th Jul 2020 6:43 am
After Germany did so three weeks earlier, now the EU has officially embraced the hydrogen economy as well:
https://deepresource.wordpress.com/2020/07/10/eu-intends-to-aim-at-80-120-gw-renewable-hydrogen-capacity/
“EU Intends to Aim at 80-120 GW Renewable Hydrogen Capacity”
Time path:
2024 6 GW
2030 40 GW
2050 80-120 GW
Europe just crossed the Rubicon and will dominate the global energy landscape for the rest of the century.
Jesus n Trump on Fri, 10th Jul 2020 6:49 am
https://m.youtube.com/watch?v=DHLlwiLebkc&feature=youtu.be
zero juan on Fri, 10th Jul 2020 7:11 am
A new juanPee sock:
Jesus n Trump
supertard your post is based on SCIENCE-19 on Fri, 10th Jul 2020 8:22 am
Cloggie on Fri, 10th Jul 2020 6:43 am
After Germany did so three weeks earlier, now the EU has officially embraced the hydrogen economy as well:
CONVICT-19 is killing us all
please love supremacist muzzies more