Oil Market Tightness Seen as Cushing Oil Storage Hub Inventories Drop - Bloomberg
Oil Market Tightness Seen as Cushing Oil Storage Hub Inventories Drop - Bloomberg
Emptying Oil Tanks at Key US Storage Hub Signal Tight Market
- Stockpiles in Cushing drop to lowest seasonal level in 5 years
- Inventory dip has widened WTI’s November-December spread
Crude oil storage tanks stand outside Midland, Texas. Photographer: Matthew Busch/Bloomberg
Oil markets are flashing signs of tightness as stockpiles at the largest US storage hub plunge toward critical levels.
Inventories at the key Cushing, Oklahoma storage hub have dropped for six straight weeks to sink to 22.9 million barrels, approaching minimum operating levels for the facility. Analysts peg that key level at 20-22 million barrels. Stockpiles are now at the lowest seasonal level in five years.
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Emptying Oil Tanks at Key US Storage Hub Signal Tight Market
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