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The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
The Oil Storage Regulations (2001) apply to oil tanks used for commercial and industrial purposes, or domestic tanks over 3500 litres in capacity. They state that the storage tank should be of "sufficient strength and structural integrity to ensure that it is unlikely to burst or leak in its ordinary use". [12]
The U.S. EPA defines the term "used oil" as any petroleum or synthetic oil that has been used, and as a result of such use is contaminated by physical or chemical properties. [2] "Used oil" is a precise regulatory term. "Waste oil" is a more generic term for oil that has been contaminated with substances that may or may not be hazardous. [1]
The crude oil tanks around Cushing have approximately 91 million barrels of storage capacity. [3] [4] [5] On October 28, 2016, tanks held a total of 58.5 million barrels of oil, [6] though it has dropped in 2018. [7] Tank farm owners at Cushing include: [8] Magellan Midstream Partners, 7,800,000 barrels (1,240,000 m 3) of storage, formerly ...
A jobber, or petroleum marketer, is a person or company that purchases quantities of refined fuel from refining companies (e.g., BP, Shell, Exxon), either for sale to retailers (e.g., gasoline stations), or to sell directly to the users of those products (e.g., home heating oil to homeowners, lubricating oils to industrial operations or repair shops, jet fuel to FBOs, etc.).
The current level for crude oil is $68 a barrel, which is well off the highs of around $100 a barrel or higher in 2022. If the price of oil starts to rise again, Occidental's earnings power will ...