- This topic has 7 replies, 6 voices, and was last updated 5 years, 4 months ago by
.
- Posts
Cushing getting higher and production higher again – not bullish for WTI past the crude draw – the exports are huge again which is solid.
[quote=”Super Harley” post=1977]Cushing getting higher and production higher again – not bullish for WTI past the crude draw – the exports are huge again which is solid.[/quote]
The wide Brent-WTI spread is helping reduce the huge US crude inventories outside Cushing – record crude exports, lower crude imports
Crudeoil Inventory Change by Region (as to be expected, Midwest (Cushing) is where we have the build…)
via @BrynneKKelly
Just filled up at lunch time near the office & was pleased to see $2.29 for regular (20 cents cheaper than peak spike that occurred when Harvey arrived)
A year ago, prompt supplies suffered a sharp discount to future supplies — encouraging traders to hoard oil.
“There’s definitely a decrease in demand for storage,” said Ernie Barsamian, chief executive of The Tank Tiger, a service that connects buyers and sellers of tank capacity. The state of affairs made him “cry in frustration”, he told clients.
[quote=”Assistanc3″ post=1985]A year ago, prompt supplies suffered a sharp discount to future supplies — encouraging traders to hoard oil.
“There’s definitely a decrease in demand for storage,” said Ernie Barsamian, chief executive of The Tank Tiger, a service that connects buyers and sellers of tank capacity. The state of affairs made him “cry in frustration”, he told clients.[/quote]
This has much to do with the banks and large oil traders already being so long and the cost of storage eating into the spread out the curve also.
- You must be logged in to reply to this topic.