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Despite the impact of the initial COVID-19 outbreak and intense lockdowns, US oil prices have bounced back from record low numbers in just over a year.

US oil statistics for 2020 vs 2021. Source: ycharts.com

Oil prices in the United States went negative during the initial lockdown in April 2020, which had never been seen before. However, in this month of June 2021, it is reported that West Texas Intermediate crude achieved levels that haven’t been seen in more than two years. This is due to the reopening economy, and the new level of oil demands. Concequently, prices and sales have risen.

The current boost in price is speculated to be attributed to a sense of narrow supply, and built-up demand. It is predicted that global consumption of crude oil will go back to over 100 million barrels per day by at least the end of 2022.

Additionally, this week OPEC+ is set to meet to discuss, amongst other things, the distribution of global crude oil. If they decide to release more supply into the market, this would put a cap on the further gain in the US and other regions.

Flag of OPEC+

As the world begins to open back up and oil storage is returning to its normal levels, the need for fire safety and detection instruments is also growing. Senkox Technologies, Inc. is committed to providing state of the art multi-functional Linear Heat Detection Sensors, and advanced DAQ Modules, to assist various industries in the detection, mitigation, and prevention of combustion. Our advanced monitoring systems are ideal to detect the rising temperature (Hot-Spot) of sensitive assets before a disaster happens.

Senkox HSD Hot Spot Heat Detector Oil Storage

Senkox TDS-FS Temperature Monitoring System

Senkox Technologies Inc. has over 20 years of experience in providing service and state-of-the-art technologies to our clients, protecting their employees and assets. Visit our Applications page to view the various systems developed for specific industries, or fill out the contact form below to find out more.