Oil Inventories at Key U.S. Hub Recover from 3-Year Low
12.13.2021 By Ricardo Perez - NEWS

December 13, 2021 [Trusted Energy Intelligence] – 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 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.

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.

Click Here to Access a 7,000 Tank Terminal Database With a Pro Trial

7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Canada Commits to Backing C$3 Billion in New Trans Mountain Oil Pipeline Loans
06.02.2023 - NEWS
June 2, 2023 [Reuters]- The Canadian government is backing up to C$3 billion ($2.24 billion) in l... Read More
Port Harcourt Refinery to Start Before End of 2023, says NNPC GMD
06.02.2023 - NEWS
June 2, 2023 [Business Day]- Mele Kyari, the Group Managing Director of the Nigerian National Pet... Read More
Par Pacific Completes Acquisition of ExxonMobil Billings Refinery and Related Upper Rockies Logistics System
06.02.2023 - NEWS
June 2, 2023[Par Pacific]- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) announced ... Read More
Kinder Morgan to Increase Storage Capacity on its Texas Intrastate System
06.01.2023 - NEWS
June 1, 2023 [Kinder Morgan]- Kinder Morgan, Inc. (NYSE: KMI) today announced its plan to expand ... Read More