Crude storage tanks in the United States are nearly 65 percent full as record low oil prices and falling fuel demand caused by the coronavirus pandemic take their toll on the industry.

After in increase of 19.2 million barrels, there are 503.6 million barrels of crude in commercial tanks across the U.S., 6 percent above the seasonal average, the Energy Information Administration said Wednesday.

The U.S. has an estimated capacity of 768.8 million barrels at refineries and commercial tank farms.

Efforts to stem the spread of the coronavirus has worsened a global supply glut of crude oil, gasoline, diesel, jet fuel and other products and sent oil prices plummeting. The price of West Texas Intermediate crude settled at $19.87, a level not seen since 1999.

Midstream: Pipeline operators may seek force majeure as storage fills

U.S. demand is about 6.4 million barrels per day, 31.6 percent less than at the same time last year, the Energy Information Administration says. Jet fuel demand is down by 39.7 percent and diesel demand is down by 8 percent, the agency reported.

As result, U.S. refineries are processing an average of 12.7 million barrels of oil per day, 69 percent of capacity, according to EIA data.

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The situation prompted Houston-based Plains All American Pipeline last month to ask its customers to reduce production toprevent storage tanks from filling up. Commercial oil storage in the U.S. could reach capacity by mid-May if demand continues to fall, Plains President and Chief Commercial Officer Harry Pefanis told the Railroad Commission of Texas during Tuesday's hearing on proposed state-mandated cuts to oil production.

Jim Teague, co-CEO of Houston pipeline operator Enterprise Products Partners, told the Railroad Commission that his company has been converting some natural gas liquids storage tanks to hold gasoline and diesel. The company has offered to do so for crude oil but hasn't had any takers.

"I've never seen a situation where storage fills up," Teague said. "The market adjusts for that. At a certain point and at a certain price, somebody's going to buy that crude oil."

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