Oil Inventories at Key U.S. Hub Recover from 3-Year Low
12.13.2021 - 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

Limetree Bay Refinery Granted Motion to Extend Sale Deadline as West Indies Petroleum Fails to Close Deal on Time
01.24.2022 - NEWS
January 23, 2022 [viconsortium] – Limetree Bay Refinery late Friday filed for and was grant... Read More
Global Refinery Closures Outweigh New Capacity in 2021: IEA
01.24.2022 - NEWS
January 23, 2022 [SPGlobal] – Refinery closures outweighed new capacity in 2021, leading to... Read More
Oil Up on Increasingly Bullish Backwardation Pattern
01.24.2022 - NEWS
January 23, 2022 [rigzone] – Oil prices edged higher on Monday, with Brent trading near its... Read More
Shell Malaysia Forges Partnerships to Expedite Energy Transition
01.24.2022 - NEWS
January 23, 2022 [theedgemarkets] – Less than a year into his new role, Shell Malaysia chai... Read More