South Africa will be president of the G20 in 2025: two much-needed reforms it should drive 
What America’s first board game can teach us about the aspirations of a young nation 
Reducing energy demand and improving efficiency will help prevent the next gas crisis 
Flavoured vapes may produce many harmful chemicals when e-liquids are heated – new research 
New faith schools in England could soon allocate all their places on religious grounds 
AI may be to blame for our failure to make contact with alien civilisations 
OpenAI’s content deal with the FT is an attempt to avoid more legal challenges 
US Supreme Court upended decades of precedent in 2022 by allowing voters to vote with gerrymandered maps instead of fixing the congressional districts first 
Why are algorithms called algorithms? A brief history of the Persian polymath you’ve likely never heard of 
Gas is good until 2050 and beyond, under Albanese gas strategy 
- Supply glut continues to persist in the US. US oil inventories increased by 10.3 million barrels to 444.4 million barrels way more than average estimate of 4 million barrels and previous around 8.4 million barrels. This level is not seen in at least last 80 years.
- Inventory is increasing at a rapid rate despite refineries operating at 86.6% of the operable capacity and in spite of decline in import by 1.6 percent to 7.4 million barrels/day.
- US is exporting highest amount of oil products in many years and the production of crude still remains well above 9 million barrels/ day.
Capacity squeeze -
- The storage capacity in the US is coming to a full. The capacity in Cushing, Oklahoma is around 70 million barrels of which around 50 million is already full. At current pace of production it could run short within the year. Chart explains the situation across US.
- As it explains, the US total storage capacity is distributed across 5 PADD regions. PADD1 is 85% full followed by PADD2 (69%), PADD3 (59%), PADD5 (55%), PADD4 (54%) making the overall working capacity down by 60%.
Impact -
- Oil can be stored off shore in super tankers but that is an additional cost.
- Price may continue to remain depressed, especially the WTI spreads.
- Political debate over US crude export to heat up may be in favor of the companies looking to repeal the law of export ban.
