U.S. OIL INVENTORIES UP
Following the path started in 2015, U.S. commercial crude oil inventories have continued to build in early 2016 and are nearing record highs. Stocks in the Gulf Coast reached 256 million barrels for the week ending February 19, while stocks at Cushing, Oklahoma, reached their highest recorded level of 65 million barrels for the week ending February 19 (Figure 1). U.S. commercial crude oil inventory builds at this time of year are not unusual, as planned maintenance at U.S. refiners typically reduces runs in January and February. However, with inventories already high after generally building over the past 18 months, this turnaround season could push storage capacity use to new highs. The result may be lower crude oil prices and higher price…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.