The global fuel energy price index stood at 153.15 index points in May 2025, up from 100 in the base year 2016. Figures decreased that month due to lower heating fuel demand and a fall in crude oil prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

Natural gas fell to 3.25 USD/MMBtu on July 22, 2025, down 2.13% from the previous day. Over the past month, Natural gas's price has fallen 14.59%, but it is still 48.80% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on July of 2025.

In 2024, the price of natural gas in Europe reached 11 constant U.S. dollars per million British thermal units, compared with 2.2 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe. What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached over 22 percent. How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 36 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

Graph and download economic data for US Regular All Formulations Gas Price (GASREGW) from 1990-08-20 to 2025-07-28 about gas, commodities, and USA.

Beginning in 2005, the Division of Community and Regional Affairs began collecting prices of heating fuel and unleaded gasoline in 100 select communities. The communities have remained constant since the project’s inception. The prices for unleaded gasoline in these 100 communities are collected via a telephone survey of each fuel retailer and reflect an “at the pump” price per gallon (including tax) on the day of contact. The survey is generally conducted once during the summer and once during the winter in any given year.

The average retail price for regular, unleaded gasoline at self-service stations in Canada was ***** Canadian cents per liter in May 2025. This was a slight increase compared to the previous month. Canada's gasoline prices are generally higher than those in the United States, but lower than in many European countries. Why do gasoline prices fluctuate? Crude oil prices, along with changing levels of consumer demand, are the two main factors which directly affect retail prices of motor fuels. Prices can witness a rapid increase or decrease depending on impacts on crude oil supplies, refinery operations, or pipeline deliveries. Even if crude prices remain steady, seasonal changes in demand can still affect retail prices. As a large oil producer, Canada's motor fuel prices are closely linked to its benchmark Western Canadian Select crude oil price. Gasoline refining capacities As of January 2024, the global gasoline refining capacity amounted to *** million barrels per day. The United States and Canada were the region with the largest gasoline refining capacity at *** million barrels per day. Much of this refining capacity is located in the United States, specifically.

Usage Price: Natural Gas for Industry: Xian data was reported at 3.370 RMB/Cub m in Mar 2025. This stayed constant from the previous number of 3.370 RMB/Cub m for Feb 2025. Usage Price: Natural Gas for Industry: Xian data is updated monthly, averaging 2.300 RMB/Cub m from Jan 2003 (Median) to Mar 2025, with 263 observations. The data reached an all-time high of 3.490 RMB/Cub m in Mar 2024 and a record low of 1.600 RMB/Cub m in Feb 2006. Usage Price: Natural Gas for Industry: Xian data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PH: Gas Price: 36 City.

This dataset presents price growth forecasts for conventional energy sources. It should be noted that the Ministry of Economy forecasts a more than two-fold increase in oil prices (although these forecasts may be greatly underestimated) over 23 years, an almost two-fold increase in natural gas prices and a 40% increase in coal prices.

United States Natural Gas Imports: Average Price: LNG: Oman data was reported at 0.000 USD/1000 Cub ft in Jun 2013. This stayed constant from the previous number of 0.000 USD/1000 Cub ft for May 2013. United States Natural Gas Imports: Average Price: LNG: Oman data is updated monthly, averaging 0.000 USD/1000 Cub ft from Feb 2001 (Median) to Jun 2013, with 29 observations. The data reached an all-time high of 8.700 USD/1000 Cub ft in Feb 2001 and a record low of 0.000 USD/1000 Cub ft in Jun 2013. United States Natural Gas Imports: Average Price: LNG: Oman data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.P007: Natural Gas Price.

New York Energy Prices presents retail energy price data. Energy prices are provided by fuel type in nominal dollars per million Btu for the residential, commercial, industrial, and transportation sectors. This section includes a column in the price table displaying gross domestic product (GDP) price deflators for converting nominal (current year) dollars to constant (real) dollars. To convert nominal to constant dollars, divide the nominal energy price by the GDP price deflator for that particular year. Historical petroleum, electricity, coal, and natural gas prices were compiled primarily from the Energy Information Administration. How does your organization use this dataset? What other NYSERDA or energy-related datasets would you like to see on Open NY? Let us know by emailing OpenNY@nyserda.ny.gov.

Gasoline Prices in the United States remained unchanged at 0.83 USD/Liter in June. This dataset provides the latest reported value for - United States Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Oil and Gas Storage Service Market Outlook

The global oil and gas storage service market is projected to witness significant growth over the forecast period from 2024 to 2032. In 2023, the market size was estimated to be USD 8.2 billion, and according to a compound annual growth rate (CAGR) of 6.5%, it is forecasted to reach approximately USD 14.4 billion by 2032. This impressive growth trajectory is driven by several factors, including the increasing demand for energy security, strategic petroleum reserves, and the expansion of infrastructure to support fluctuating energy needs. As the global energy landscape evolves, the need for efficient and reliable storage solutions becomes increasingly critical.

One of the primary growth factors for the oil and gas storage service market is the increasing energy consumption worldwide. As global economies expand, the demand for energy, particularly oil and gas, continues to rise, necessitating robust storage solutions to manage supply fluctuations and ensure a steady supply chain. Moreover, geopolitical tensions and trade dynamics significantly influence oil and gas prices, further emphasizing the need for strategic reserves and storage capacity to stabilize markets and mitigate supply risks. This necessity drives investments into storage infrastructure, propelling market growth. Additionally, technological advancements in storage solutions, such as digital monitoring and automation, enhance efficiency and reliability, thus attracting more stakeholders into the market.

Another crucial factor contributing to the growth of the oil and gas storage service market is the shift towards a more sustainable energy ecosystem. Governments and organizations worldwide are increasingly focusing on reducing carbon footprints, promoting the use of cleaner fuels, and ensuring efficient energy utilization. These initiatives require substantial investments in storage technology to optimize supply chains, reduce waste, and improve energy efficiency. Furthermore, the increased focus on natural gas as a transition fuel in the energy mix requires robust storage solutions to accommodate the rising production and consumption levels, thereby fueling market expansion.

The expansion of global trade and commerce also significantly impacts the oil and gas storage service market. As international trade networks become more interconnected, the complexity of supply chains increases, necessitating more sophisticated storage solutions. This growth is further amplified by the strategic importance of oil and gas reserves in ensuring energy security and economic stability. Countries are investing in storage facilities to manage their reserves better, provide a buffer against supply disruptions, and stabilize domestic markets. Moreover, the emergence of new oil and gas exploration sites, particularly in remote and challenging environments, demands advanced storage solutions to manage logistics and distribution effectively, thus driving market growth.

The role of a Commercial Oil Depot in the oil and gas storage service market cannot be understated. These facilities serve as critical nodes in the supply chain, providing essential storage capacity for crude oil and refined products. As global trade intensifies, the strategic placement of commercial oil depots becomes increasingly important to ensure the timely distribution of energy resources. These depots not only facilitate the efficient movement of oil products but also play a pivotal role in stabilizing market prices by acting as buffers against supply disruptions. With advancements in storage technology, commercial oil depots are now equipped with state-of-the-art monitoring systems that enhance operational efficiency and safety, making them indispensable assets in the global energy infrastructure.

Regionally, North America and the Middle East & Africa are expected to be the most significant contributors to the oil and gas storage service market. North America's growth can be attributed to its advanced infrastructure, technological innovations, and an increasing focus on energy independence. The strategic importance of the region's energy reserves, coupled with government policies aimed at enhancing energy security, further supports market expansion. In the Middle East & Africa, abundant hydrocarbon resources and substantial investments in infrastructure development drive the market. Moreover, Asia Pacific is anticipated to witness substantial growth as well, driven by rapid industrialization, increasing energy demand, and the development of strategic

United States Natural Gas Price: EIA: Wellhead data was reported at 3.350 USD/1000 Cub ft in Dec 2012. This stayed constant from the previous number of 3.350 USD/1000 Cub ft for Nov 2012. United States Natural Gas Price: EIA: Wellhead data is updated monthly, averaging 2.175 USD/1000 Cub ft from Jan 1976 (Median) to Dec 2012, with 444 observations. The data reached an all-time high of 10.790 USD/1000 Cub ft in Jul 2008 and a record low of 0.540 USD/1000 Cub ft in Mar 1976. United States Natural Gas Price: EIA: Wellhead data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Gasoline Prices in Vietnam increased to 0.80 USD/Liter in June from 0.74 USD/Liter in May of 2025. This dataset provides the latest reported value for - Vietnam Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The global gasoline and fuel market, valued at $1.85 billion in 2025, is projected to experience steady growth, driven primarily by the continued reliance on internal combustion engine vehicles, particularly in developing economies experiencing rapid motorization. While the Compound Annual Growth Rate (CAGR) of 1.06% suggests a moderate expansion, this figure likely underrepresents the market's dynamism, as it doesn't account for fluctuating oil prices and evolving geopolitical landscapes. Significant growth drivers include the increasing demand from transportation sectors (both passenger and commercial vehicles), power generation in regions with limited access to renewable energy, and the continued use of gasoline in other applications such as machinery and equipment. However, restraining factors include the rising adoption of electric vehicles (EVs), government regulations promoting cleaner energy sources, and the intermittent fluctuations in global crude oil prices that impact fuel costs and availability. The market segmentation reveals that transportation holds the largest share, closely followed by power generation, with 'others' representing a smaller but still significant portion. Major players, including Chevron, ExxonMobil, PetroChina, and others, are strategically navigating these dynamics through investments in renewable energy and efficiency improvements in fuel production and distribution, while also adapting to the growing EV market. The geographical distribution of the market reflects established economic patterns. North America and Asia Pacific (particularly China and India) represent significant market segments, fueled by high vehicle ownership rates and energy demands in rapidly industrializing regions. Europe, while showing relatively mature markets, continues to contribute substantially. South America and the Middle East & Africa represent markets with varying growth potentials, influenced by their specific economic conditions and energy policies. Future growth will depend critically on the balance between increasing vehicle ownership and the global shift toward electric and alternative fuel vehicles, coupled with the ongoing influence of energy policies and geopolitical factors on global oil prices. While a relatively low CAGR is projected, specific regional markets and segments within the industry are likely to show more pronounced variations in growth rates, creating opportunities for strategic market players. Recent developments include: In October 2023, Aramco and ENOWA, NEOM’s energy and water company, have signed a joint development agreement to construct and establish a first-of-its-kind synthetic electro-fuel (e-fuel) demonstration plant aimed to display technological feasibility and commercial viability by developing thirty five barrels per day of low-carbon, synthetic gasoline from renewable-based hydrogen and captured carbon dioxide (CO2)., In July 2022, the U.S. Department of Energy (DOE) announced that contracts have been awarded for the purchase of crude oil from the Strategic Petroleum Reserve (SPR). This contract awards are part announcement of president to release one million barrels of crude oil a day for six months to address the significant global supply disruption caused by Russia-Ukraine war.. Key drivers for this market are: 4., Rising Adoption of Automobiles such as Passenger Cars, Motorcycles Across the World4.; Easy Availability of Gasoline. Potential restraints include: 4., Rising Adoption of Automobiles such as Passenger Cars, Motorcycles Across the World4.; Easy Availability of Gasoline. Notable trends are: Transportation Segment is Expected to Dominate in the Market.

United States Natural Gas Imports: Avg: LNG: United Arab Emirates data was reported at 0.000 USD/1000 Cub ft in Jun 2013. This stayed constant from the previous number of 0.000 USD/1000 Cub ft for May 2013. United States Natural Gas Imports: Avg: LNG: United Arab Emirates data is updated monthly, averaging 0.000 USD/1000 Cub ft from Sep 1996 (Median) to Jun 2013, with 22 observations. The data reached an all-time high of 3.740 USD/1000 Cub ft in Jan 1997 and a record low of 0.000 USD/1000 Cub ft in Jun 2013. United States Natural Gas Imports: Avg: LNG: United Arab Emirates data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.P007: Natural Gas Price.

Natural gas liquid (NGL) production proportionally grows with natural gas extraction. The popularity of advanced extraction techniques like hydraulic fracturing has bolstered shale gas production, giving processors a steady revenue flow. The pandemic weakened industrial production and residential and commercial construction, leading to an oversupply of NGLs and causing prices to plummet. This quickly reversed as the economy reopened and natural gas prices surged, spiking production. This growth lasted until 2024, when prices eventually settled down as supply shortages slowly began to wane. Even so, industry-wide revenue swelled at a CAGR of 3.0% through 2024, reaching $94.5 billion, including a modest 3.1% uptick in 2024 alone. Profitability also swelled as processors passed on price hikes to consumers. The ongoing Russia-Ukraine conflict has created NGL supply woes in Europe as Russia has reduced its exports. These supply woes have opened the door for domestic NGL processors to take advantage of the favorable price environment in Europe and strengthen exports. This uptick in demand mitigated the appreciation of the US dollar, which made domestic NGLs more expensive. Through 2029, revenue is set to contract as natural gas prices normalize, following highs over the current period. Nonetheless, expanding industrial production and natural gas extraction will provide processors with a steady stream of business. Even so, with the future of hydraulic fracturing in the air, future regulations can severely hinder production. As European countries look to reduce their dependence on Russian NGLs, exports will remain strong. NGL processors may face headwinds following the passing of the Inflation Reduction Act as it provides tax incentives for households purchasing electric stoves and fees on methane emissions. Overall, revenue is set to dip at a CAGR of 0.9% through the end of 2029 to total $90.3 billion.

The mini gas station market, currently valued at $3.986 billion (2025), is projected to experience steady growth, driven by several key factors. The increasing urbanization and population density in many regions globally are creating a demand for conveniently located, smaller-scale fuel dispensing solutions. This trend is particularly strong in densely populated urban areas and suburban settings where traditional large-scale gas stations are less feasible or economically viable. Furthermore, the rising adoption of electric vehicles (EVs) is not necessarily a threat; instead, it presents opportunities for mini gas stations to integrate EV charging infrastructure, diversifying their revenue streams and attracting a wider customer base. This diversification strategy is crucial for long-term sustainability in a shifting energy landscape. The market's relatively low CAGR of 4% suggests a stable, albeit not explosive, growth trajectory, indicating a market that is maturing but still holds significant potential. This steady growth is likely influenced by established players like Gilbarco, BlueSky, and Tatsuno, who are constantly innovating and expanding their product portfolios. However, challenges such as fluctuating fuel prices and stringent environmental regulations pose potential restraints on market expansion. Competition amongst a large number of companies will continue to drive innovation and the adoption of more efficient and sustainable practices. The forecast period (2025-2033) will likely witness a gradual increase in market size, primarily due to the factors mentioned above. Continued investment in technological advancements such as remote monitoring systems, improved fuel management software, and enhanced security features will contribute to market growth. The expansion into emerging markets, where access to fuel is often limited, also presents a lucrative opportunity for mini gas station providers. However, regulatory hurdles, particularly regarding safety and environmental compliance, will need to be navigated effectively to ensure sustainable market growth. A deeper segment analysis (currently missing) would provide a more granular understanding of market dynamics and growth opportunities across different product types and geographical regions. The presence of significant players like BP and Sinopec also indicates the stability and viability of this market segment.

Canada's oil and gas field service operators have experienced volatile market conditions throughout 2025. World commodity prices performed well throughout the reporting period. However, the period did start slowly in 2020 amid the pandemic as oil and gas prices started very low. As economic conditions improved from the pandemic's peak, the need for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, revenue has been increasing at a CAGR of 9.8% over the past five years, reaching an estimated $ 49.5 billion in 2025. This includes a 3.6% dip in 2025 alone, when profit is set to reach 11.4%. The dip in 2025 can be mainly attributed to the uncertain geopolitical tensions from the energy tariffs imposed by the US, causing oil prices to drop drastically. While energy trade between the US and Canada hasn't been impacted, the impact on global prices has bled into Canadian prices. The swelling popularity of highly efficient enhanced oil recovery techniques has created a mixed impact for oil and gas field service providers. While these advanced methods generate higher-margin service opportunities, their increased efficiency means that fewer rigs and, thus, fewer field services are needed overall. After an initial surge in demand as extraction companies implemented new technologies, the ongoing need for field services has gradually pushed down. Revenue is set to push up at a CAGR of 0.9% over the next five years, reaching an estimated $51.7 billion in 2030. With the world oil and gas prices forecast to drop, this will likely adversely impact oil and gas field service companies with shrinking demand. Even so, Canadian oil prices are still set remain steady since they won't be as impacted by tariffs as the rest of the global economy. Nonetheless, there is a lack of sufficient pipeline infrastructure to bring commodities to markets. If this infrastructure can be expanded, it will likely benefit commodity prices and industry revenue.

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Oil And Gas Storage Service Market Size 2025-2029

The oil and gas storage service market size is forecast to increase by USD 4.62 billion, at a CAGR of 5.6% between 2024 and 2029.

The market is driven by the increasing global demand for oil and gas, necessitating the expansion of storage capacity to accommodate growing inventories. A notable trend in the market is the adoption of solidification technology for natural gas storage, enabling the efficient and safe storage of large volumes of natural gas. However, the market faces challenges due to the volatility in oil and gas prices, which can impact the profitability of storage projects. Natural gas and crude oil storage systems enable power plants to maintain a steady supply of fuel during peak load periods and unexpected outages. Companies specializing in oil and gas tank storage, LNG storage and regasification, and CNG storage are actively seeking innovative solutions to optimize their operations and mitigate the risks associated with price fluctuations.
Additionally, the development of floating storage and regasification units (FSRUs) offers opportunities for expansion into new markets and the provision of flexible storage solutions to meet the evolving energy demands of industries and consumers. In the power sector, oil and gas storage solutions are indispensable for peaking and backup power generation.

What will be the Size of the Oil And Gas Storage Service Market during the forecast period?

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The market encompasses various solutions, including asset management, underground and above-ground storage options, and cryogenic storage. Technology adoption in this sector is on the rise, with digital twins and advanced safety systems, such as pressure relief valves, explosion protection, and flame arrestors, becoming increasingly common. Compliance auditing and environmental permitting are crucial aspects of the market, ensuring adherence to safety performance metrics and environmental performance metrics. Storage capacity planning is essential for operational efficiency, with demand forecasting and vapor pressure control playing significant roles. Cost optimization is a key trend, driving the use of inventory turnover, safety training, and emergency drills.
Hazard analysis and gas detection are integral components of safety performance, while rupture disks and salt cavern storage offer enhanced safety and cost benefits. Market players focus on optimization and efficiency, with technology advancements in storage utilization rates and operational efficiency. Regulatory compliance and safety remain top priorities, with ongoing efforts to improve safety performance metrics and environmental performance metrics. 

How is this Oil And Gas Storage Service Industry segmented?

The oil and gas storage service industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Power plants
  Oil refineries
  Chemical plants
  LNG storage facilities


Service

  Storage services
  Ancillary services


Type

  Underground storage
  Aboveground storage


Geography

  North America

    US
    Canada


  Europe

    Russia


  Middle East and Africa

    Iran
    Qatar
    UAE


  APAC

    China
    India
    Singapore


  Rest of World (ROW)

By Application Insights

The power plants segment is estimated to witness significant growth during the forecast period. The market encompasses a range of essential solutions for pipeline infrastructure, terminal operations, and power plants. Pipeline infrastructure necessitates tank coatings, temperature monitoring, and leak detection systems to ensure the safe and efficient transportation of oil and natural gas. Terminal operations rely on railcar loading, level monitoring, and inventory management to facilitate the transfer of petroleum products between various modes of transportation. Data security is a growing concern, as digitalization increases the need for robust cybersecurity measures.

These facilities incorporate advanced technologies such as artificial intelligence (AI), big data analytics, and remote monitoring to optimize capacity utilization and improve energy efficiency. Environmental protection is a critical concern in the oil and gas storage industry, with fire suppression systems, vapor recovery systems, and corrosion control measures ensuring safety and minimizing the carbon footprint. Logistics and transportation, including marine loading and third-party logistics, streamline the movement of petroleum products and facilitate just-in-time delivery. Storage tank maintenance, tank cleaning, and risk management practices ensure the longevity and safety of storage facilities. Digital transformation and SCADA syst