Storage Outlook 2026: Exolum

Carlos Molina, commercial network lead at Exolum, looks at what’s in store for 2026 in the tank storage industry  Throughout 2025, the price structure of petroleum products has generally been characterised by backwardation, which has limited time-spread trading activity and encouraged operators to optimise their working capital. Nevertheless, the market remains subject to significant uncertainties that could reverse this situation. In the short term, the war in Ukraine continues to be a major source of uncertainty, resulting from sanctions, damaged assets and disruptions to trade  flows. In addition, the balance between oil supply and demand remains fragile: supply has stayed strong, while demand growth has been more moderate. Moreover, although Europe’s decarbonisation agenda is clear, the evolution of national targets and regulation is introducing notable adjustments in biofuels markets and creating uncertainty for investment. In the Spanish market, efforts to combat fraud have made remarkable progress in 2025 – a development that we all hope will continue. The Energy Transition in Spain Beyond the challenges posed by geopolitics and...