In 1998 and 2009, the storage capacities of the distillate has reached its maximum level, pushing oil prices down, analysts said Goldman Sachs. In their view, the current situation may again cause oil prices to fall sharply.
MOSCOW, 26 Jan. Oil prices may begin to decline sharply due to the fact that the global capacity for storage of petroleum products is close to its exhaustion, which is another factor to oversupply in raw materials, according to the report of Goldman Sachs, which cites Reuters.
“The amount of used capacity for storage of distillates in the USA and Europe is nearing historically high levels amid near-record oil refineries, weak demand (especially for gasoline),” according to Goldman Sachs analysts.
“This is reminiscent of 1998 and 2009, when the storage capacities of the distillate has reached its maximum level, pushing oil prices down,” added the experts.
Goldman Sachs does not expect the balance of supply and demand in the oil market will be reached in 2016.
Since the beginning of summer 2014 to early 2015, oil prices have fallen more than twice — from 100 to 45 dollars per barrel mark Brent. The decision by OPEC November 27 save quota for oil production at 30 million barrels per day increased the price collapse. Since January the prices began to grow, reaching a maximum may 6 — 69,58 dollar, and then again passed to drop.
In early August North sea petroleum mix of mark Brent for the first time since January 15, fell below the psychological mark of $ 50 per barrel on heightened fears of an oversupply of raw materials on the market. As of 11.27 Moscow time on Monday the price of December futures on Brent has grown on 0,02%, to $ 48 a barrel.