Tag: Storage

Weekly Crude Oil Market Overview: VLCC Floating Storage Surplus Has Been Essentially Eliminated

Fundamentals

US Market

Yesterday, the Energy Information Administration (EIA) reported a crude oil inventory draw of 4.4 million barrels (MMbbl) for the week to September 11. It was a “bullish surprise” as analysts had expected an inventory build of a bit over 2 MMbbl for the period.

At 496 MMbbl, commercial crude oil stocks are still above the 5-year average (+59.3 MMbbl) as well as above last year’s level (+78.9 MMbbl). Although the “surplus” is shrinking, it remains rather larger (by historical standards) and the WTI price seems elevated when set against the current level of inventories (see the chart below).

U.S. Commercial Oil Stocks + Changes and Deviations

U.S. Commercial Oil Stock Deviations vs. WTI price

Source: EIA, Bluegold Trader estimates and calculations

In the week ending September 11, production was up 9% w-o-w to 10.9 bbl/d. Total supply, however, was up only 3.1% w-o-w, as imports were down

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Strategic Storage Growth Trust II, Inc. Acquires Land Adjacent to Self Storage Facility Near Seattle, Plans to Expand

SEATTLE, Sept. 14, 2020 /PRNewswire/ — Strategic Storage Growth Trust II, Inc. (“SSGT II”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced today its acquisition of a 4.8 acre parcel of land adjacent to its 660-unit self storage facility in Mill Creek, a suburb of Seattle, Washington.  SSGT II intends to expand its self storage facility on the fully entitled property.

“The acquisition of the development-ready parcel of land provides us the opportunity to significantly expand our highly visible facility located near the intersection of Bothell-Everett Highway and 164th Street.” said Wayne Johnson, chief investment officer of Strategic Storage Growth Trust II, Inc. “This location is particularly appealing because of its close proximity to a variety of retail services, restaurants and residential space.”

The current facility located at 16618 Bothell Everett Highway, comprises approximately 660 units and

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Hewlett Packard Enterprise Announces Simple and Affordable Next Generation Storage Solution for Small Businesses

HPE MSA entry-level storage helps businesses preserve cash and easily backup to the cloud with HPE Cloud Volumes Backup

Hewlett Packard Enterprise (HPE) today announced the next generation of the HPE Modular Smart Array (MSA), HPE MSA Gen 6, helping small and medium sized businesses (SMBs) focus on growing their business with an entry-level hybrid-flash storage solution that delivers performance and automation for the tightest of budgets1.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200908005126/en/

(Photo: Business Wire)

In today’s digital-first economy, technology spending is limited for most SMBs. With HPE MSA, SMBs can preserve cash with an updated entry storage solution that continues to get better with new data services and a modern architecture. HPE MSA also allows SMBs to ensure their most valuable data is secure and easily accessible by employees, no matter where they are working from. Through its new data services

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