Oil Tanks

The price of crude could be on its way down to $63 a barrel in the short to medium term, according to a technical analysis of market trends released on Tuesday. The investing website favstocks.com published the results of a Barclays Capital analysis that found the price of crude could soon drop significantly if it stays within it recent trading range. Absent a close above $76.47, I think youll maintain the downtrend, said Barclays analyst MacNeil Curry.

The price of crude could be on its way down to $63 a barrel in the short to medium term, according to a technical analysis of market trends released on Tuesday. The investing website favstocks.com published the results of a Barclays Capital analysis that found the price of crude could soon drop significantly if it stays within it recent trading range. Absent a close above $76.47, I think youll maintain the downtrend, said Barclays analyst MacNeil Curry. $76.47 was identified by the analysis as a pivot high price a short-term price peak after which prices decline in the short to medium term. Since the report was published, oil prices have increased markedly, but did not close above the $76.47 mark at any point this week.

If the Barclays scenario plays out, the price of crude will begin to descend over the next few weeks, bottoming out at $63 to $65 per barrel. That would being major decreases in heating oil prices in the final days of summer, making pre-season top-offs of heating oil tanks more affordable. The technical analysis only applies to the next month or so of crude prices, and how prices will move during the winter is still largely unclear. However, huge supplies of crude and heating oil around the country and extremely low demand for petroleum products as a result of a still-weak economy are good signs. At the very least, if predictions by the Department of Energy are to be trusted, increases in heating oil prices this winter will come gradually , with fewer sudden price spikes than in previous years.

Technical Analysis: Price of Crude Could Soon Drop to $63 - HeatingOil.com (blog)

Fire fighters from several rural Illinois fire departments have their hands full this morning, battling a fire near several oil storage tanks on a parcel of private property in Washington County.

Officials have released very details other than the fire is sending huge, bollowing clouds of black smoke into the morning sky over the DuBois Illinois community.

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Oil tanks ablaze in Washington County Illinois - KSDK

May 2010 , this crude oil construction project now totals 4.25 million barrels of storage, all supported by long-term customer contracts. Magellan will be the majority owner and operator of the storage, which is expected to be operational in phases beginning mid-2011, with the final tanks operational by the end of 2011.

As a result of this increased project scope, the partnership is increasing its 2011 expansion spending estimates by $25 million . Including acquisitions to date, current expansion spending estimates are $565 million during 2010 with an additional $125 million , primarily in 2011, necessary to complete these projects.

Magellan Midstream Partners, L.P. (NYSE: MMP ) is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products. More information is available at http://www.magellanlp.com .

Portions of this document may constitute forward-looking statements as defined by federal law. Although management believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission.

Magellan Midstream Closes Acquisition of Petroleum Storage and Pipelines - PR Newswire (press release)

The government is recalling about 40,000 cartridge oil tanks of heaters imported from China after fires believed to have been caused by fuel leaks due to the tanks’ defective lids killed one person and injured two others in Japan, officials said Wednesday.

Subject to the recall are six heater models sold under the ‘‘Aladdin’’ and ‘‘Greenwood’’ brands between September 2009 to March 2010 by Sengoku Works Ltd, an imported appliance vendor in Kasai, Hyogo Prefecture, according to the Ministry of Economy, Trade and Industry and the Consumer Affairs Agency.

Due to a defective part used in the lids of fuel tanks in these products, consumers could mistakenly assume that the lids to the heaters are locked when they are not, leading to the leakage of kerosene, the officials said.

A total of six fires involving the heaters occurred between December 2009 and April 2010, in which a man in his 70s in Shiga Prefecture died and two other people were injured.

40000 heater fuel tanks being recalled after fatal fire - Japan Today

This bespoke specification includes three fuel management systems and two walk-in points with roller shutter doors for the dispensing of DERV and gas oil from one unit.

Other tanks supplied to this company include a 1,200SB heating oil tank complete with fire protection, a 10,000SB complete with a suction port for connecting to existing dispensing equipment, a 4,000SB heating oil tank complete with a stand for gravity feed purposes, a towable site bowser, a 2,200SB heating oil tank, a 1,000SB waste oil tank and a 24,000SB complete with two suction ports to connect to dispensing pumps with built-in fuel management.

Tuffa delivers fuel tank to logistics company - Processing Talk