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Oil: A kingdom for a storage tank

April 22 2020
Figure 1 – Global oil inventory utilization
Sources: IEA, DOE, Euler Hermes, Allianz Research  
Figure 2– Cushing, Oklahoma storage utilization
Sources: Wikipedia, DOE, Euler Hermes, Allianz Research
Figure 3– Inventories, independent E&P CDS spreads and insolvencies
Figure 3– Inventories, independent E&P CDS spreads and insolvencies
Sources: DOE, Bloomberg, Euler Hermes, Allianz Research
Figure 4– Percentage of profitable shale reserves for various oil price assumptions
Sources: Bloomberg, Euler Hermes, Allianz Research
Figure 5 – Utilization of credit, North American Independent oil and gas basket (%)
Source: Bloomberg
Figure 6 – Interest cover of North American Independent oil and gas basket
Sources: Company data, Bloomberg, Euler Hermes, Allianz Research 
Figure 7 – U.S. oil sector equity deals
Source: Dealogic
Figure 8 – Chinese oil imports
Sources: BP, Chinese Customs Office, Euler Hermes, Allianz Research
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Catharina Hillenbrand-Saponar
Sector Advisor
catharina.hillenbrand-saponar@eulerhermes.com