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

Asia Spot LNG Holds Steady as Demand Weak, Inventories High
11.28.2023 - NEWS
November 28, 2023 [Hellenic Shipping News]- Asian spot liquefied natural gas (LNG) prices were li... Read More
Kutch Ports Fuel Green Hydrogen Mission
11.28.2023 - NEWS
November 28, 2023 [Businessline]- Kutch in Gujarat is a crown jewel in the port sector of not jus... Read More
Neste to Introduce Solar Power to its Porvoo Refinery
11.28.2023 - NEWS
November 28, 2023 [Neste]- Neste has signed a purchase agreement for solar power supply to its Po... Read More
Octopus Boosts Renewable Capacity Ahead of Shell Energy Deal
11.28.2023 - NEWS
November 28, 2023 [City AM]- For an undisclosed fee, Octopus Energy has bought into Ørsted’s W... Read More