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US crude storage demand surges amid expected OPEC+ supply increase
According to data from brokerage firm The Tank Tiger, US crude oil storage demand has surged to near-pandemic levels as traders anticipate increased supply from OPEC+.
Reuters reports that OPEC+ accelerated its production increases in June, with further hikes likely in July. The cartel plans to restore up to 2.2 million barrels per day (bpd) to the market by November, reversing previous deep cuts as it seeks to regain market share.
Meanwhile, oil price decline has prompted US traders to secure storage capacity while awaiting a market recovery. Current indicators suggest a supply glut developing this year and continuing into the next, Steven Barsamian of The Tank Tiger noted. Storage requests on the company's platform nearly doubled month-over-month, reaching 3 million barrels for June.
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