Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Vista Projects
Vista Projects
Copper Tip Energy
Hazloc Heaters


Oil Inventories at Key U.S. Hub Recover From 3-Year Low


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate
(Bloomberg) Crude inventories at the nation’s biggest storage hub have recovered above a key threshold, easing some fears of a future supply shock.Stockpiles at Cushing, Oklahoma, rose above 30 million barrels last week, marking four consecutive builds, according to data from the Energy Information Administration. Earlier this year, inventory levels seemed to be on pace to slide toward what many in the market considered the minimum level needed to maintain operations.

The precipitous decline through October and November sent the price difference between West Texas Intermediate oil contracts for immediate delivery versus the next month to its widest premium in years, a bullish structure known as backwardation.

GLJ
Oil futures spread eases as inventories at Cushing normalize

Inventories at the delivery point for benchmark futures rose by about 2.4 million barrels last week, the biggest increase since February. This has helped the prompt spread narrow to 25 cents a barrel from $1.88 a barrel in early November, when it reached the highest since 2018.

GLJ



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE