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Ahhh…love is in the air. This Friday marks another Valentine’s Day to tell everyone on Instagram about your true love while you forget to take out the garbage can (again). Don’t worry, there’s always a heart shaped necklace just like the one Jeff Bezos bought on Amazon that can be at your front door this afternoon (that is…before it gets porch pirated). Yeah…that’s about as low as you can go. Speaking of lows, for the week Brent crude futures settled at $74.66 a barrel, with WTI showing the love at $71.00 a barrel, down about 2% for the work week. Traders are most definitely attentive to the possibility of a lover’s spat between the USA and China with tariffs being thrown back and forth not unlike the high heeled shoe that hits you on the back of the head when your bestie finds your phone and goes through your text messages. Oh well, dinner at the Waffle House again (with the eggs surcharge). This eggplant emoji hysteria has put some pressure on not only oil prices but has trade routes on chemicals all ponco and misaligned as well. The potential for a trade war has some folks sensing that the silent treatment is coming and someone may be sleeping on the couch. Yikes…the CPI report comes out tomorrow! Why do you have to go and make things so complicated? I see the way you’re acting like you’re somebody else gets me frustrated. Life’s like this, you And you fall, and you crawl, and you break And you take what you get, and you turn it into Honesty and promise me I’m never gonna find you faking No, no, no
Not all love is on the wrong side of town. ONEOK, Inc. and MPLX LP have entered into definitive agreements to form joint ventures for the construction of a large-scale liquefied petroleum gas export terminal in Texas City, Texas, and a 24-inch pipeline connecting ONEOK’s Mont Belvieu, Texas, storage facility to the new terminal. Texas City Logistics LLC, the export terminal joint venture, will be equally owned by ONEOK and MPLX, with MPLX responsible for construction and operations. The facility is expected to be completed in early 2028, with both companies investing approximately 700 million dollars each, bringing the total project cost to 1.4 billion dollars. The terminal will leverage existing infrastructure at Marathon’s location, providing efficiencies in construction timing and costs. Well done…(polite applause background noise).
A Storage Tank Valentine
Maybe Friday you’ll be thinking about your Valentine
Humming the tune called “Crazy”, penned by Patsy Cline
You can be like Travis and Taylor, at a romantic place to dine
She’ll have chardonnay along with your bold cabernet wine
What great pleasure stems from the fruit of the grape vine
You can pretend you’re in Paris, overlooking the river Rhine
What would The Waterboy do, if he didn’t have Coach Klein?
But what of the storage tank, if he says “Be Mine”?
In the days of backwardation, he sat lonely overlooking the brine
Waiting for the day (that never came) for the barge to visit and tie up its line
The tank sat in solitude, a dog without a bone, a lonely canine
Possibly even sadder than the stock price of Spirit Airline
“Oh for those days of contango”, the woeful tank would pine
When futures exceeded spot prices, oh did that tank shine!
To those who had some space to offer, you’d build a shrine
And Big Bob Recek would set your price (and never whine)
News flash: OPEC+ might resume pumping, could this be a sign?
The thought of contango returning, sent shivers down the tank spine
Just Like IE Week in London soon to hold a frothy stein
Or once inexepensive eggs with extra bacon…..(sad unlucky swine)
Could it be, oh could it be? The stars they did align!
Yes indeed the spot prices could begin to decline
The Contango makes a comeback, the NYMEX did assign
What was once a small price movement, assumed benign
The spot prices continued to decline then recline
Until they assumed an unmitigated position of complete supine
Crude oil inventories rose sharply last week, no more room to refine
Oh boy…Backwardation may finally raise its white flag, “I resign!”
Who will be the next master blender, cheap naphtha to combine?
The contango pays for the inventory, with profits to define
With tanks once more beloved, there are contracts to design
The Tank Tiger, you, and storage – we’ll all intertwine
Kiss and hug now, call The Tank Tiger before storage prices incline!
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Tank Talk
