Cushing Storage Around 90% Full As Inventories Surge Most In 14 Years, Crude Plunges
Following last night's huge 12.2 mm barrel inventory rise estimate from API, DOE has just confirmed last week saw an almost all-time high 10.95 million barrel inventory build. This is the higest since March 2001. With today's 1.232 million barrel addition at Cushing, Goldman estimates only about 10% of storage capacity is left. And to complete the trifecta, crude oil production ticked back up again after last week's hope-strewn reduction.
- U.S. CRUDE OIL STOCKS LARGEST WEEKLY BUILD SINCE MARCH 2001 - EIA
- U.S. GULF COAST CRUDE STOCKS LARGEST WEEKLY BUILD SINCE JULY 2010 - EIA
Biggest weekly build in 14 years... 13th week in a row of builds - a record
Hitting another all-time record high inventory...
With Cushing rising notably - pushing storage levels to around 90%
Weighing on crude...
Retracing most of yesterday's idiocy...
Charts: Bloomberg
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My book ENERGY AND ECONOMIC THEORY has now been published, and somewhere in that book - or maybe in a recent lecture ddrawing on some of the materials in that book - I said that the OPEC directorate is as smart as I am where oil is concerned. I'm beginning to wonder if this is so. Given the inventory movement described in this important article, I wonder if the OPEC people are still as much in Control of the oil price as they were when I began my book a few years ago. Of course I know that in a few of those countries there was some dissatisfaction over the concentration on crude rather than oil Products and petrochemicals, and that dissatisfaction was justified and may be in the process of changing, but even so....