In 2020, the combination of a huge run-up in crude supplies fueled by the Shale Revolution and the COVID-induced severe crude oil demand destruction, resulted in negative crude prices (WTI was trading at close to -38 $/B). At the time, the cliché of “nowhere to go but up” was precise and appropriate. It was a matter… read more →
Capital can take many forms in a refinery. One type of capital outlay sometimes overlooked in a casual consideration is the total stock of hydrocarbons stored in tanks, unit fills, line fills, rolling stock (rail storage), and so on. Larger sized refineries can have anywhere from five to ten million or more barrels on hand… read more →