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Yet another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for U.S. crude.
Buckeye Partners LP expects to start loading ships with oil for export in the second half of July, after receiving crude at its South Texas Gateway terminal in the Port of Corpus Christi about a month earlier than planned.
At least 15 other terminals have started exporting U.S. crude in recent years, encouraged by record shale production and growing demand for barrels in Asia. In April, Mercuria Energy Group-backed Pin Oak Terminals became one of the latest to start exports at its Corpus Christi terminal.
The projects come at a tough time for the oil industry, which has been upended by the coronavirus pandemic. As the virus wreaks havoc on global markets, American oil exports have tumbled from a record high of 3.7 million barrels a day in February to around 3 million barrels in April. Shipments were around 2.4 million barrels a day during the first week of June.
The launch of the Buckeye and Pin Oak terminals at a time like this signals that exporters believe demand will eventually recover, said Pin Oak CEO Corey Leonard. While both projects were under development years before the current health emergency — with shippers, contracts and finance already lined up — they could have deferred their commission by a month or two if market conditions called for it. Instead, they’re pushing ahead.
“If our customers were communicating an inability to source barrels or deliver barrels at the time of commissioning because of the pandemic, additional pathways would have been explored to support both our customers and our facilities for that short period of time,” he said.
Since Pin Oak’s first tanker loading, activity has been brisk, he said, with barrels heading to various destinations including the U.S. Virgin Islands for re-export to China.
Still, the post-virus outlook for petroleum consumption isn’t exactly rosy. An expected global recession could weigh on demand through 2022 at least, according to industry experts. A return to record domestic crude production, which had underpinned the surge in U.S. oil exports, will also be difficult with prices still hovering below $40 a barrel.
One option for terminals if shipments continue to decline is loading vessels to operate as floating storage until demand perks up again. The practice is becoming more common, with nearly 185 million barrels of crude aboard floating storage for the week ending June 5, up over 16 million from the week prior, according to data from Vortexa Ltd., a data analytics firm.
Want more news? Listen to today’s daily briefing:
How Car Tires Are Manufactured
🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.
🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.
❋ Design and Plan 👇
Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.
❋ Select Materials 👇
Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.
❋ Melt and Mold 👇
Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce
❋ Distribute Widely 👇
Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.
🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.
👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.
Feast your eyes on the all-new, all-electric GMC Hummer EV
GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.
Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.
ALYI Highlights Next Steps
Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.
Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.
Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.
For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
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